(Al-Watan) - The Kuwaiti daily Al-Watan reports on a private account in the Cairo branch of an Arab bank held by Yasser Arafat, showing a balance of $5.1 million. According to sources, the money comes from Arab aid funds allocated to the Palestinians. The funds are reportedly used to cover some of Arafat's personal expenses, including the costs of his wife Suha and their daughter who live in Paris and Switzerland. Some weeks ago, Muhammad Rashid, acting on Arafat's instructions, bought 14% of the shares of the Jordanian Cement Company with funds Arafat received from the Arab Gulf states, "to increase the profits of Arafat's investments abroad," in light of the enhanced demand for cement for the reconstruction of buildings damaged in the recent fighting. In addition, these funds from Kuwait and the other Gulf states meant for the reconstruction of homes were instead distributed to PA and Fatah leaders close to Arafat. The sources added that most of the food aid sent to the PA was sold in Palestinian and Israeli markets without being distributed to the poor and needy.
2002-06-17 00:00:00Full ArticleBACK Visit the Daily Alert Archive