Another billion goes missing in Iraq

Unbelievable. This brings the total to something like $12 billion that's just vanished?

One billion dollars has been plundered from Iraq's defence ministry in one of the largest thefts in history, The Independent can reveal, leaving the country's army to fight a savage insurgency with museum-piece weapons.

The money, intended to train and equip an Iraqi army capable of bringing security to a country shattered by the US-led invasion and prolonged rebellion, was instead siphoned abroad in cash and has disappeared.

"It is possibly one of the largest thefts in history," Ali Allawi, Iraq's Finance Minister, told The Independent.

"Huge amounts of money have disappeared. In return we got nothing but scraps of metal."

The carefully planned theft has so weakened the army that it cannot hold Baghdad against insurgent attack without American military support, Iraqi officials say, making it difficult for the US to withdraw its 135,000- strong army from Iraq, as Washington says it wishes to do.