Yasser Arafat

Yasser Arafat (Arabic: ???? ?????‎) (August 4 or August 24, 1929 – November 11, 2004), born Muhammad `Abd ar-Ra'uf al-Qudwa al-Husayni (???? ??? ?????? ?????? ???????) and also known as Abu `Ammar (??? ?????), was Chairman of the Palestine Liberation Organization (PLO) (1969–2004); President{{fn|1}} of the Palestinian National Authority (PNA) (1993–2004); and a co-winner of the 1994 Nobel Peace Prize.

Financial dealings

In August 2002, the Israeli Military Intelligence Chief claimed that Arafat's personal wealth was USD $1.3 billion http://www.haaretzdaily.com/hasen/pages/ShArt.jhtml?itemNo=197188&contrassID=1&subContrassID=0&sbSubContrassID=0, though he provided no substantiation for this claim.

Related Topics:
August 2002 - Israel

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The U.S. business magazine "Forbes" http://www.forbes.com/global/2001/1001/015.html ranked Arafat as sixth on its 2003 list "Kings, Queens and Despots" http://www.forbes.com/forbes/2003/0317/134.html, estimating his personal wealth to "at least $300 million", without indicating its source for this claim.

Related Topics:
U.S. - 2003

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In 2003 the International Monetary Fund (IMF) conducted an audit of the Palestinian Authority and stated that Arafat diverted $900 million in public funds to a special bank account controlled by Arafat and the PA Chief Economic Financial Advisor. The IMF did not claim that there were any improprieties and it specifically stated that most of the funds have been used to invest in Palestinian assets, both internally and abroad. http://electronicintifada.net/v2/article1958.shtml

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In 2003 a team of American accountants — hired by Arafat's own finance ministry — began examining Arafat's finances. The team claimed that part of the Palestinian leader's wealth was in a secret portfolio worth close to $1 billion — with investments in companies like a Coca-Cola bottling plant in Ramallah, a Tunisian cell phone company and venture capital funds in the U.S. and the Cayman Islands. The head of the investigation stated that "although the money for the portfolio came from public funds like Palestinian taxes, virtually none of it was used for the Palestinian people; it was all controlled by Arafat. And none of these dealings were made public". Though Arafat has always lived modestly, Dennis Ross, former Middle East negotiator for Presidents Bush and Clinton, stated that Arafat's "walking-around money" financed a vast patronage system. According to Salam Fayyad, a former World Bank official who Arafat appointed finance minister in 2002, Arafat's commodity monopolies could accurately be seen as gouging his own people, "especially in Gaza which is poorer, which is something that is totally unacceptable and immoral."

Related Topics:
2003 - Bush - Clinton - World Bank - 2002

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http://www.cbsnews.com/stories/2003/11/07/60minutes/main582487.shtml According to Hanan Ashrawi, a former member of Arafat's cabinet "Getting Mr. Arafat to hand over the holdings was like pulling teeth. Mr. Arafat gave in to pressure from aid donors such as the European Union and from his finance minister, Salam Fayyad, the IMF's former representative in the territories. They demanded that Mr. Arafat turn over the investments as a condition of further aid." http://quote.bloomberg.com/apps/news?pid=nifea&&sid=ag2fQ5pMZXc8

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An investigation by the European Union into claims that EU funds were misused by the Palestinian Authority has found no evidence that funds were diverted to finance terrorist activities. The EU "remains convinced that deepening reform in the PA and improving its financial management and audit capacities is the best preventive strategy against the misuse of funds and corruption. The reform of the financial management of the PA is the objective of several key conditions attached to the EU financial assistance." http://europa.eu.int/comm/external_relations/mepp/faq/index.htm#Allegations%20of%20misuse%20of%20EU%20funds

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Claims by unnamed sources in the PA Finance Ministry stated that Arafat's wife, Suha, receives a stipend of $100,000 each month from the PA budget. In an interview with the London-based newspaper Al Hayat, Mrs. Arafat accused Israeli Prime Minister Ariel Sharon of spreading rumors about money-laundering to distract media attention away from corruption allegations against himself.

Related Topics:
Israeli - Ariel Sharon

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In October 2003, French government prosecutors opened a money-laundering probe of Suha Arafat after Tracfin alerted the prosecutors to transfers of nearly $1.27 million each with some regularity from Switzerland to Mrs. Arafat's accounts in Paris.

Related Topics:
2003 - Money-laundering - Tracfin - Switzerland - Paris

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