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06/23/2004:

"UN slams U.S. over spending Iraq funds"

Report: Oil-funded projects 'open to fraudulent acts'

BAGHDAD/WASHINGTON - United Nations-mandated auditors have sharply criticized the US occupation authority for the way it has spent more than $11 billion in Iraqi oil revenues and say they have faced "resistance" from coalition officials.

In an interim report, obtained by the Financial Times, KPMG says the Development Fund for Iraq, which is managed by the US-led Coalition Provisional Authority and channels oil revenue into reconstruction projects, is "open to fraudulent acts". Full Article