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Scottish Sunday: No answer to the $20bn question

No answer to the $20bn question

Sadaam's stash: The race is on to find Iraq's missing billions before the former regime can use them for their own ends. James Cusick reports

The banking system in Baghdad is not looking good. It is estimated that only a quarter of all the Iraqi capital's banks have escaped being torched, looted, or destroyed. US military personnel are now stationed outside those that still function. But money inside Iraqi banks means little to US and UK investigators trying to discover just where Saddam Hussein's regime stashed billions of dollars. The hunt for Saddam's missing fortune has just started, and it may take decades to find.

US-UK task force

A US-UK task force is currently being put together that will have one aim: locate and deliver evidence on where Saddam's assets have been hidden. Even before the first bombs were dropped on Baghdad, US Treasury Secretary John Snow said: 'The world must find, freeze, and return Iraqi money to the Iraqi people.' Experts believe the missing money is likely to amount to more than $20 billion (£12.6bn). This is wealth gathered and invested over three decades, that will involve a labyrinth of disguised global investments and deposits dating back to the late 1970s when Saddam is believed to have begun siphoning off cash from state contracts.

Uncovering Saddam's network

Hotels, shopping malls, office complexes, high percentages of leading corporations: Saddam's money will, according to one leading financial analyst, 'turn up in many unexpected and potentially politically embarrassing places. Both Washington and London will already be preparing for how they will deal with such information.'

John Fawcett, of New York law firm Kriendler & Kriendler, published a report for the Coalition of International Justice last year. The report examined Iraq's network of import and export transactions involving countries such as Egypt, Russia, Australia, and Vietnam. Some of Europe's leading banks were identified as being involved in international financing deals.

Similarly, shortly after the first Gulf war in 1991, the security firm Kroll attempted to delve into Saddam's financial empire. Kroll's work, for the Kuwaiti government, identified numbered Swiss bank accounts and high stakes in legitimate international and multinational businesses. Many of the investments identified have since been frozen under international law in line with UN sanctions against Iraq. But others, where the precise ownership is murky and unclear, remain with Saddam fingerprints yet to be fully investigated.

Challenges and progress

One key focus now will be on the tentacles of the state-owned Rafidian Bank which has branches in Jordan, Egypt, Lebanon, Bahrain, and the United Arab Emirates. Rafidian has also been involved in financial deals involving some well-known European banking houses. One analyst in London, who worked on uncovering missing cash involving the failed BCCI bank in 1991, said: 'It will take a decade at least to locate even half of the Saddam regime money. It could take specific UN resolutions and orders to get some private banks, say in Switzerland, to comply on disclosures. Offshore deposits in safe havens provide the same problem: they are not called safe havens for nothing.

It is estimated that only a tiny part of the Saddam cash has so far been located. Last year, the US seized $1.5bn (£830m) in Iraqi assets: hailing this as a start, it urged other countries to do the same. But the response has been limited. Switzerland knows it has to be seen to assist and last week its government announced it was freezing Iraqi assets until the UN determines who is entitled to it. But this involves the freezing of identified Iraqi assets; the hidden accounts 'will not have Saddam's name on the chequebook', as one analyst put it.

The search for Saddam

The Iraqi oil-for-food program is also known to have been managed by senior regime figures to ensure kickbacks and commissions. The capture by US troops of Saddam's half brother, Barzan Ibrahim al-Tikriti, once Iraq's representative in Geneva, is a massive prize for the new investigation team. He is thought to have set up a complex network of foreign corporations to hide money Iraq made from illegal oil profits. Clues on Iraq's Swiss operation will be a sought-after prize. The Pentagon believes senior figures from the defeated Iraqi regime have fled to Syria, either through personal covert contacts inside Syria or, as some of the more hawkish Pentagon officials believe, with the overt backing of the Syrian government. Although officials say Syria now appears to be tightening its long border -- more than 376 miles -- with Iraq, US intelligence clearly believes the closed-gate policy has come too late.

General Richard Myers, chairman of the joint chiefs of staff, said in a recent briefing: ' Syria is harboring some senior regime leaders -- at least their families, probably some of the senior members. We know that.' But what he would also like to know -- what everyone would like to know -- is the whereabouts of Saddam himself. So far the US has captured only four of the top 55 'wanted' leaders. Despite the appearance of the former president in news footage that, it is claimed, was filmed on the day US forces were toppling his statue, no firm evidence has been presented that would confirm if he is alive or dead; inside Iraq or on the run.

Hotels and the Global Hospitality Industry

Exploring the impacts and changes within the hotel industry

The global hospitality industry, including hotels, has experienced significant changes in recent years. Advancements in technology, shifts in consumer behavior, and the rise of online booking platforms have reshaped the landscape of the hotel sector.

Impact of technology

Technology has revolutionized how hotels operate and interact with their guests. The use of mobile apps, digital key cards, and in-room automation systems has enhanced the overall guest experience. Hotels now have online platforms where guests can make reservations, check-in, and request services, eliminating the traditional front desk process.

Changing consumer behavior

Consumer preferences have also evolved. Today's guests expect personalized experiences and seek authentic, unique accommodations. This has led to the rise of boutique hotels and alternative lodging options such as vacation rentals and homestays. Additionally, environmental consciousness has influenced consumer choices, with the demand for eco-friendly hotels and sustainable practices on the rise.

Online booking platforms

The emergence of online booking platforms, such as Booking.com and Airbnb, has disrupted the traditional hotel booking process. These platforms provide travelers with a wide range of accommodation options at competitive prices. Hotels have had to adapt to this changing landscape by offering unique experiences and competitive pricing to attract guests directly.

In conclusion, the hotel industry has experienced significant changes driven by technology, evolving consumer behavior, and the rise of online booking platforms. Hotels must stay adaptable and offer personalized experiences to thrive in this competitive market.

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