US seizes '$5bn of Saddam's assets'

Thu, 02 Oct 2008 15:42:51 GMT

Notorious Iraqi dictator Saddam Hussein

Washington has seized $5 billion as blood money for the ouster of Iraqi dictator Saddam Hussein, an Iraqi security official has revealed.

The Bush administration used the past three years to trace Saddam's assets in Europe and has thus been able to confiscate $5 billion, according to Ali al-Baghdadi.

Saddam Hussein was ousted in 2003 by US and British forces and was later executed.

The Iraqi dictator is believed to have secretly invested or saved between $6 billion to $30 billion around the world. Some have even estimated his assets to have surpassed 100 billion dollars.

"Eleven of Saddam's relatives managed the secret accounts and acted as his financial brokers dealing with European banks," he told Fars news agency.

Al-Baghdadi said the accounts were opened at banks in countries like Switzerland, Denmark, Bulgaria, France and Japan.

"Some of the properties and accounts are in east European states and Yemen," he continued.

After the occupation of Iraq, the Bush administration announced plans for a global hunt for Saddam's 'blood money'. The private fortune is believed to have been built with the dictator's exploitation of the UN oil-for-food program.

The program allowed Iraq to sell oil and use the proceeds to buy food and humanitarian aid for its people.

DB/AA