Iraq up for sale . . . one previous owner
Monday September 22 2003
In an unexpected move unveiled at the meeting of the Group of Seven rich nations in Dubai, the Iraqi Governing Council announced sweeping reforms to allow total foreign ownership without the need for any prior approval.
The move, accompanied by swingeing cuts in taxes and tariffs, is likely, however, to add further fuel to concerns that Iraq is being turned into a golden opportunity for profiteering by multinational corporations relying on their political connections, not a free-market level playing field.
However, Iraq's vast oil reserves will remain in government hands.
Last night US President George Bush criticised Senator Edward Kennedy, who had earlier attacked the administration for going to war against Iraq on the basis of a fraud "made up in Texas" to give Republicans a political boost.
Kennedy had also alleged that the money for the war is being used to bribe foreign leaders to send troops.
Philip Thornton in Dubai
US puts Iraq's industries up for sale to the highest bidder
