European Stars and Stripes (Newspaper) - March 26, 1991, Darmstadt, Hesse                                Page 4 the stars and stripes tuesday March 26, 1991in the Gulf Saddam stole $10 billion of Oil profits report says new York apr the head of a firm hired by the kuwaiti government to find out the size and location of Saddam Hussein a wealth estimates that the iraqi presidents family has skimmed $10 billion from iraqis $200 billion Oil sales since 1981. Jack Kroll also says iraqi investors on Saddam a behalf have purchased nearly $1 billion Worth of shares in Public companies since then including one of the worlds largest Media companies. He says the Stock purchases were made by several companies with iraqi directors including one led by Saddam a half brother. Kroll president of the new York based Kroll associates investigations firm spoke in interviews broadcast sunday by the lbs news program �?�60 minutes a and published monday by the financial times a British newspaper. A a a a Kroll described Saddam who took Power in 1979, As one of the worlds richest men. The financial times report did not specify the source of the Money. It also did not address whether any of the holdings could be classified As ill gotten gains under . Resolutions adopted after Iraq s aug. 2 invasion of Kuwait. Those resolutions intended to expel Iraq from Kuwait and recover plundered kuwaiti assets. The lbs report quoting Kroll said Iraq had moved some of its Money to circumvent a freeze on overseas iraqi accounts. Kroll said Iraq transferred huge sums in Early August to jordanian Banks. He also said that kuwaiti luxury vehicles stolen by Iraq s occupation forces were shipped to Europe on a Royal jordanian airlines cargo flight some turning up at iraqis embassy in Geneva. Kroll was hired by the kuwaiti government and the . Treasury to Lay the groundwork for efforts at collecting War reparations from Iraq. Lie told lbs a Saddam and his family have skimmed up to 5 percent of iraqis $200 billion in Oil sales since Saddam and his family have skimmed up to 5 percent of Iraq s $200 billion in Oil sales since 1981. Investigator Jack Kroll 1981.�?T�?T a a Kroll associates discovered the holdings included an 8.4 percent stake or about $64 million in Paris based Hachette a which publishes a Helle a a car and Driver a Quot Road amp track a and a a women a Day a lbs and the financial times reported. Kroll was quoted As saying his Agency found documents showing the Hachette share purchases started in 1981 with a 1 percent acquisition by Montana corp., a panamanian based holding company with iraqi directors. Montana management was set up by Barzan Ibrahim Saddam a half brother the financial times quoted an iraqi official As saying. The official was not identified in the Story. Ibrahim is iraqis former secret police chief and now its representative to the . Conference on human rights based in Geneva. The lbs report said Ibrahim oversees Saddam a International financial network. Kroll was quoted As saying Kroll associates had found a at least three other major european companies that have iraqi shareholders through iraqi controlled holding  an iraqi official confirmed to Kroll investigators last week that the funds for the Hachette Purchase a were channelled from Baghdad by people working for Saddam Hussein a the financial times  James Crystal Lowman holds a greeting for her Boyfriend James joining wives and family members meeting the amphibious assault ship Okinawa at Subic naval base near Manila the Philippines. The ship was returning from duty in the persian Gulf  Banks reopen amid Hope confusion by David freed the los Angeles times Kuwait City it was business As unusual sunday at the Alayli Bank of Kuwait. Soldiers nervously cradled ak-47 assault Niles at the door while normally Serene managers scurried from one tellers station to the next. Outside under the giant Oil Cloud those who had come to Deposit or withdraw funds waited not so Patie title in a line that snaked around the Corner of the gleaming High Rise building. A a new Start a beamed a  officer surveying the scene. A a Complete mess a snapped one customer. In truth it was both. For the first time since liberation nearly a month ago Kuwait s 10 commercial  Banks opened to the Public sunday an event marked As much by confusion As self congratulation. The essential problem Many kuwaitis and foreign nationals discovered was that much of the Money they had carefully socked away during the iraqi occupation has been deemed worthless by the Kuwait government. After iraqi forces last year looted Gold Bullion and Dinar Bills Worth More than $2 billion from the Central Bank a the emirates version of fort Knox a kuwaiti banking officials who had escaped the country declared that the pilfered Cash was no longer valid currency. Nonetheless millions of dinars a each Worth about $3.48 at the current rate of Exchange a a a ended up in circulation As iraqi troops used the illegally obtained funds to Purchase supplies and services from kuwaiti merchants. Some Here even received pension benefits paid from stolen Central Bank assets during iraqi occupation. A we accepted this Money in Good Faith a said one Barber. A no one believed the government really cancelled this  but that is exactly what happened. Bankers and merchants estimated sunday that perhaps As much As 25 percent of kuwaiti currency currently in circulation pay not be Worth the Stock it is printed on. After the iraqis were kicked out feb. 27, kuwaiti officials decreed that All dinars currently in circulation would be retired and More than $2 billion in new currency issued after being printed in Britain and Germany. People were told to redeem old dinars for new As soon As the Banks opened. Meanwhile serial numbers of the dinars stolen from the Central Bank were posted throughout the emirate alerting businesses Banks and individuals about which Bills were to be rejected As worthless. Still Many believed that they could Trade in their bad dinars for Good. They found otherwise after going to the Banks on sunday a they wont even give you a Box of matches for these a said one Man fanning a stack of Dinar Bills with his thumb. A we suffered because of the iraqi soldiers. Now wre suffer Over our  Given the lines sunday simply getting Access to funds on Deposit presented difficulties for Many Cash starved kuwaitis who had not been Able to visit a Bank since the aug. 2 invasion. Contesa Hassan said that she spent nearly four hours wailing in line sunday at her Bank and never did get in. Despite having no Money she drove her two children up arabian Gulf Street to the Sultan Center the Only open supermarket in Kuwait City. There she implored the manager to let her 3ay him later for the groceries she needed immediately. He consented and she filled her cart with cooking Oil Rice a kuwaiti businessman displays new currency he received for old currency on sunday. And bottles of floor cleaner. On the opulent 18th floor of the Alayli Bank Deputy chairman Abdul Salam Ala Wadi remained matter of fact about the Long lines and Dinar debate. 1 it s not a matter of feeling sorry or not feeling sorry a he said. A there were Many problems during the  none of the main offices of Kuwait s Hanks sustained any significant damage during iraqi occupation although a floor vault at the Al Ali Bank does Bear the scars of a failed attempt to break into it. The Bank a Security manager Khalid Bashir said that before iraqi president Saddam Hussein a forces retreated last month he watched the iraqi who had been placed in charge of the Bank try for two hours to open the floor vault hammering away with a chisel and pipe wrench. The iraqi finally gave up and fled town along with Saddam a army just before .-led forces arrived. He was in a hurry Quot Bashir said. The chisel and wrench were still resting on a nearby desk on sunday