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UK minister denies sale of Iraq`s assets

IRNA

London, Oct 20, IRNA - Britain`s new International Development 
Secretary Hilary Benn denied Monday that the decision to open up 
Iraq`s state industries, with the exception of oil, was in effect 
selling off the country`s wealth. 
"Iraq`s assets are not for sale. Foreign ownership of Iraq`s 
natural resources is not allowed and prior to the establishment of a 
sovereign Iraqi government, state-owned enterprises can be sold only 
to Iraqi nationals or to majority-Iraqi entities," he insisted. 
Benn was responding to accusations made by Lib Dem shadow 
secretary for International Development Tom Brake, that the order 
made by US head of the Coalition Provisional Authority in September 
"permits 100 per cent" foreign ownership of Iraq`s state sectors. 
"There is no requirement that investors must be screened by the 
IGC. The order permits full and immediate remittance to the 
investor`s host country of any profits, dividends, interest and 
royalties," Brake said. 
But Benn, who was appointed as International Development Secretary 
earlier this month, said the foreign investment measures were 
introduced by the Finance Minister, Kamel al-Keilami, with the 
support of the Coalition Provisional Authority, and were supported by 
the governing council." 
"The aim of these measures is to help to regenerate the economy 
for the benefit of the Iraqi people," he said in a letter to the 
Guardian newspaper Monday. 
HC/212 
End