INSEAD Day 4 - 728x90

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Burjeel profit nearly doubles

Healthcare demand drives stronger earnings.

Iraq arrests 2 generals on suspicion of bribery at key port

    • Both men worked at the Gulf port of Umm Qasr, a key entry point for foodstuffs, medicines

    • Waiving customs duties, cost Iraq $6.3 billion a year in lost revenues

    Iraq announced Saturday it has arrested two generals on suspicion of taking bribes to waive customs duties, a practice estimated to cost the state $6.3 billion a year in lost revenues.

    Both men worked at the Gulf port of Umm Qasr, a key entry point for imports of foodstuffs and medicines which is reputed to be the most corrupt in Iraq.

    The sums allegedly found in their position were tiny given the scale of corruption in Iraq, which is estimated to have cost the country hundreds of billions of dollars since the US-led invasion of 2003.

    “$1,000 were found in the office of the general in charge of Umm Qasr North,, while the other general had hidden $2,100 in a waste basket in his office,” a source in the state anti-corruption body, the Commission for Integrity, told AFP.

    “These were bribes intended to facilitate the smooth passage of cargos,” the source said.

    In Iraq, every port and border crossing has its corrupt placemen appointed by political parties or armed groups, who ensure a steady flow of illicit revenues to their patrons.

    In Umm Qasr, it is mainly pro-Iranian armed groups who dominate through their nominees in the customs department and the security forces, officials say.