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(AP/Charlotte Observer) - An audit of the Palestinian Authority revealed that Arafat diverted $900 million in public money in 1999 to a special bank account he controlled, IMF official Karim Nashashibi said Saturday. Most of the cash, which came from revenue in the budget, went into some 69 commercial activities in Palestinian areas and abroad, worth an estimated $700 million in today's market prices, "which probably in '99 were $900 million," Nashashibi said. Nashashibi did not rule out the possibility that a portion of the money was misused. "What we're trying to do is have a level of disclosure and transparency so that future or present misuse does not happen....At least there is a follow-up, there is disclosure," Nashashibi said.2003-09-22 00:00:00Full Article
Audit: Arafat Diverted $900M in Public Money
(AP/Charlotte Observer) - An audit of the Palestinian Authority revealed that Arafat diverted $900 million in public money in 1999 to a special bank account he controlled, IMF official Karim Nashashibi said Saturday. Most of the cash, which came from revenue in the budget, went into some 69 commercial activities in Palestinian areas and abroad, worth an estimated $700 million in today's market prices, "which probably in '99 were $900 million," Nashashibi said. Nashashibi did not rule out the possibility that a portion of the money was misused. "What we're trying to do is have a level of disclosure and transparency so that future or present misuse does not happen....At least there is a follow-up, there is disclosure," Nashashibi said.2003-09-22 00:00:00Full Article
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