Banking and FinanceTransport

Federal Integrity Commission Recovers Convicted Chairman from Kuwait for State Fund Misappropriation

Federal Integrity Commission Recovers Convicted Chairman from Kuwait

The Federal Integrity Commission announced on Sunday the successful recovery of the Chairman of the Board of Directors of one of the Ministry of Transport’s companies, who had been residing in Kuwait. The recovery was prompted by his conviction for misappropriating state funds, which led to his imprisonment in absentia.

Collaborative Efforts Lead to Recovery

According to a statement from the Commission, the recovery was achieved through the coordinated efforts of the recovery department, the public prosecution, the Arab and International Police Directorate, and the Iraqi ambassador to Kuwait. The individual in question, Muhammad Abdul Hussein Jaafar, was apprehended in Kuwait following collaborative international enforcement actions.

Background of the Case

Jaafar was convicted in absentia in 2010 while serving the Iraqi Land Transport Company. During his tenure, he engaged in collusion with his family members, leading to significant financial harm to the company. The misconduct included opening a running account in a local bank, specifically designed to deposit funds from the company.

Notably, three months post-account establishment, Jaafar, along with his family members—serving as president and board members—sought personal loans against the company’s funds, estimated between 5 to 6 billion dinars. However, both the Central Bank of Iraq and the National Insurance Company intervened, placing restrictions on the company’s accounts due to these dubious activities.

Judicial Outcomes

The competent criminal court adjudicating integrity cases subsequently issued a seven-year sentence pursuant to Article 340 of the Penal Code after thoroughly reviewing the presented evidence, which was deemed sufficient for conviction.

The recovery of Jaafar marks a significant step in the government’s ongoing efforts to address corruption and safeguard public funds.

Shares:
Leave a Reply

Your email address will not be published. Required fields are marked *