US embassy cable - 04AMMAN5419

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Identifier:	04AMMAN5419
Wikileaks:	View 04AMMAN5419 at Wikileaks.org
Origin:	Embassy Amman
Created:	2004-07-01 14:10:00
Classification:	CONFIDENTIAL
Tags:	EFIN EAID IZ JO
Redacted:	This cable was not redacted by Wikileaks.

C O N F I D E N T I A L AMMAN 005419 
 
SIPDIS 
 
E.O. 12958: DECL: 06/29/2014 
TAGS: EFIN, EAID, IZ, JO 
SUBJECT: CURRENT STATUS OF IRAQI FROZEN ASSETS IN JORDAN 
 
REF: A. AMMAN 04670 
 
     B. AMMAN 04330 
     C. AMMAN 04275 
 
Classified By: Ambassador Edward Gnehm, Reasons 1.5 (b) and (d). 
 
 1.  (C)  On June 29, ECOUNS spoke with Finance Ministry 
Secretary General Mohammad Mumtaz about the current status of 
 
SIPDIS 
the frozen Iraqi assets remaining in Jordan.  As reported in 
reftels, Jordan is reviewing private sector claims against 
these assets and will transfer the remaining balance to Iraq 
once the review is complete.  On June 2, Finance Minister 
Mohammad Abu Hammour had stated that he expected these 
reviews to be completed by early July and the remaining 
balance could then be transferred (Ref A).  He also said that 
he hoped the final transfer of assets would create a good 
starting point for Jordan's relations with the new Iraqi 
government.  On June 20, Abu Hammour told ECOUNS the review 
was continuing but that each claim was being reviewed 
thoroughly. 
 
2.  (C)  According to Secretary General Mumtaz, the review is 
not yet complete.  The committee, composed of representatives 
from the Finance Ministry, Central Bank, and Ministry of 
Industry and Trade, has a small number of reviews to 
complete.  Mumtaz expects the process to take another couple 
weeks.  (COMMENT: Minister Abu Hammour has committed to 
return any funds paid out for these claims if Iraqi 
authorities determine that the claims were fraudulent.  END 
COMMENT.) 
 
3.  (C)  Mumtaz also raised the issue of the $56 million 
which constitutes the capital of the Jordanian branch of 
Iraq-owned Rafidain Bank and is a significant portion of the 
remaining frozen assets.  Jordan continues to await official 
communication from Iraqi authorities on the disposition of 
these funds.  (COMMENT:  During a May 4 meeting with Abu 
Hammour, an Iraqi Finance Ministry official accompanying CPA 
official John Vardaman said Iraq preferred to keep Rafidain's 
capital in Jordan, as working capital for the bank.  END 
COMMENT.). 
 
4.  (U)  Baghdad minimize considered. 
GNEHM