The following is an archived copy of a message sent to a Discussion List run by the Campaign Against Sanctions on Iraq.

Views expressed in this archived message are those of the author, not of the Campaign Against Sanctions on Iraq.

[Main archive index/search] [List information] [Campaign Against Sanctions on Iraq Homepage]

[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

[casi] Bush Confiscates Exporters' Funds in Blocked Iraqi Bank Accounts

We found your Website.  We are looking for support concerning the
above-mentioned subject.  We feel that there should be a groundswell of concern by all
exporters.  We have a list of companies that have claims to the US Dept. of
Treasury, Office of Foreign Asset Controls (OFAC).

The following e-mail was sent on June 3, 2003.  You may want to circulate
this to others and ask them to contact us.  If you have any questions or require
further information, please do not hesitate to let us know.  Thank you.

Sincerely yours,

Mario L. Messina CEO
Messina Incorporated, Dallas, Texas

Subject:  Bush Confiscates Exporters' Funds in Blocked Iraqi Bank Accounts

This e-mail is being sent to individuals and/or companies that are aware of
the situation we have been fighting against for over 13 years.  This is about
the frozen Iraqi funds in US banks, funds that totaled approximately $1.2
billion when sanctions were put into place, and which grew (with interest added) to
over $1.7 billion over 13 years.  And, as you may know, an important portion
of these funds were placed in the Iraqi bank accounts in the United States to
cover contracts and letters of credits for good that Iraqis had purchased.

When Iraq invaded Kuwait, the U.S. Government froze the Iraqi bank accounts
in the USA.  Exporters that had shipped goods to Iraq several months before
this period would have been paid if it had not been the fact that their funds
were frozen by our government.  In other words, an important amount of these
funds belong to exporters and no longer belonged to Iraq.  The Iraqis had received
the goods and the suppliers/exporters were left holding the bag.  Many firms
went belly-up and jobs were lost.  Medium sized firms had a difficult time
surviving.  Today there still remains a list of claimants with OFAC - a much
smaller list than the original list of the early 90's.

We have just learned from the US Foreign Claims Settlement Commission that
about two weeks ago Bush ordered the liquidation of these funds for use in the
redevelopment of Iraq and that there are no longer any funds to pay against
exporters' claims.  Needless to say, no one should be happy with, what appears to
be, another illegal step by Bush.  This sets a dangerous precedent.  A
portion of these funds belong to exporters who have been waiting for over thirteen
years for their money.

At the present time the US trade imbalance is $500 billion a year.  It is
obvious we need to improve our exports and encourage our exporters.  Yet we find
that Bush has stolen their money.  This sends a discouraging message to our
export community.  It is an unfair tax against an important segment of our
economy.  Our many letters over the years to the President, Congress, etc., urging
them to settle with exporters who had claims supported by proper
documentation, and the need to protect our export community, were unsuccessful.

Bush went into the war against all commonsense.  The war cost the US a hell
of a lot of money, money we could have spent on our schools, poverty, diseases,
etc., but most important, it took a deadly toll on the lives of Americans,
British, and Iraqis.  Now that Iraq has been destroyed, many companies (I do not
have to list them, you know who they are) will benefit from the "rebuilding
of Iraq."  What a sham.

The export community should not be happy with this theft of funds that belong
to many exporters.  We need to gather support and protest loudly and widely.

Your comments and suggestions are most welcome.

Sincerely yours,

Mario L. Messina CEO
5307 East Mockingbird Lane, LB#64
Dallas, Texas 75206 USA
Tel: 1-214-528-7260 • Fax: 1-214-520-9673

- Drilling Mud, Workover & Completion Chemicals & Fluid Systems
- Mud Engineering Services
- Cement Additives
- Stimulation, Production & Refinery Chemicals
- Laboratory Testing Equipment
      (for mud, cement, and stimulation products and fluid systems)

Certified ISO 9001:2000 #A1539US

Visit Messina's Website for all of our Products and Services:


Sent via the discussion list of the Campaign Against Sanctions on Iraq.
To unsubscribe, visit
To contact the list manager, email
All postings are archived on CASI's website:

[Campaign Against Sanctions on Iraq Homepage]