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Politics : Stop the War!

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To: jlallen who wrote (21141)	9/22/2003 8:48:23 PM
From: lorne	Read Replies (1) of 21614

Arafat diverts $1.35bn 22sep03 theadvertiser.news.com.au DUBAI: An audit of the Palestinian Authority has revealed President Yasser Arafat diverted $1.35 billion in public funds to a bank account he controlled, with most of the money later invested in Palestinian assets at home and abroad. International Monetary Fund official Karim Nashashibi credited openness and transparency in the Palestinian Authority's accounting under Finance Minister Salam Fayad for disclosing the transfers of money between 1995 and 2000. But Mr Nashashibi did not rule out the possibility of the remaining funds being misused. He said there would be an audit. Mr Nashashibi said the money was diverted from the budget to a bank account controlled by Mr Arafat. "We estimated that amount to be around US$900 million over a period of five years," the IMF official said.

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