Search Site

Trends banner

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

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.