Jubilee Iraq

November 13, 2003

Business Day reports that Saddam Hussein owed 159.4 million rand ($24m) to the Export Credit Insurance Corporation of South African Limited, according to the Minister of Finance, Trevor Manuel. In a written reply to a question from Inkatha Freedom Party finance spokesman Gavin Woods, Manuel said that the Iraqi Ministry of Defence owed an outstanding amount of about 135 million rand on an original amount of nearly 400 million rand regarding three contracts. Hutteen General Establishment of Iraq and SAAD General Establishment of Iraq still owed 439,000 rand and 22.5 million rand respectively on original amounts of 2.3 million and 131.3 million rand respectively. Manuel said they were in respect of export credit re-insurance claims that had been paid by the Trade and Industry department of South Africa in 1990 and 1991.

Business Day report: Iraq owes SA R159.4 million, says Manuel

The Iraq Government or private or public entities controlled by it owed R159.4 million to the Export Credit Insurance Corporation of South African Limited, Finance Manuel Trevor Manuel has reported.

In a written reply to a question from Inkatha Freedom Party finance spokesman Gavin Woods, the minister said that the Iraqi Ministry of Defence owed an outstanding amount of about 135 million rand on an original amount of nearly 400 million rand regarding three contracts.

Hutteen General Establishment of Iraq and SAAD General Establishment of Iraq still owed 439,000 rand and 22.5 million rand respectively on orginal amounts of 2.3 million and 131.3 million rand respectively.

Manuel said they were in respect of export credit re-insurance claims that had been paid by the Trade and Industry department of South Africa in 1990 and 1991.

Asked if there were any special conditions attached to the monies owed, Manuel said the Re-insurance Committee of the Trade and Industry department – the predecessor to the Export Credit Insurance Corporation of South Africa Limited – reinsured these policies “which were issued by the Credit Guarantee Insurance Corporation.” Salvage was therefore jointly managed by these bodies.