Scam Projects

[sheytanElKebir]

I'm starting this thread as an aggregator for various "investment" projects in Iraq that are in actuality "ghost" "fake" "scam" projects. There are so many scam projects "announced" in iraq that I felt there's more than enough news to make this a topic worthy of its own thread.

[sheytanElKebir]

Erbil "Tarin Hills" project
http://www.skyscrapercity.com/showthread.php?t=1089135




Najaf "monorail" project (given to a couple of nigerian persons in canada with no corporation, or any experience in construction let alone as a prime contractor for a monorail!)
http://www.skyscrapercity.com/showthread.php?t=1172405
and
http://www.skyscrapercity.com/showthread.php?t=1103395

[sheytanElKebir]

Brit Invest Paradise loses $8m investment in Muthana
July 25, 2010 - 09:26:50
MUTHANA / Aswat al-Iraq: An investment permission that was granted to the U.K. based Invest Paradise Company to build a hotel in al-Muthana province has been cancelled on Sunday by the al-Muthana Investment Commission.
“The firm has reluctance in achieving its commitments, and is not serious in executing the hotel,” the commission’s Director General, Adil al-Yasseri, told Aswat al-Iraq news agency.
He noted that the permission will be granted to another firm.
Invest Paradise was supposed to execute this project in Samawa city within 21 months, at a total cost of $8 million. The firm had put the project’s cornerstone on Oct. 28, 2009.
Samawa, the capital city of the al-Muthana province, lies 280 km south of Baghdad.

[MKTJ]

lol good idea. I'm afraid this thread will be full of ''cancelled projects'' faster than we think

[baghdad_sara]

Great thread, probably the most useful in the Iraq section. It sucks because it may be the most active lol ..

[sheytanElKebir]

lets start with the UAE "list"

first up. "BLOOM" supposed to be an $18Bn investment into a brand new city to the west of old karbala on the banks of Razzazza Lake.

here's the original blurb....

UAE company to implement the banks of the city of Karbala at a cost of 28 billion dollars


Source: Voices of Iraq - 16/04/2010


Chairman of the Oversight Committee to invest in the province of Karbala on Thursday said that work would begin implementing a project : the banks of Karbala at a cost of 28 billion after the Council of Ministers approved the project.

Zuhair Kadhim Alkraiti that "the Council of Ministers last week approved the draft the banks of Karbala, which will be implemented by the UAE firm Bloom near Lake Razzaza (15 km west of Karbala)."
He added that "The project is expected to get regulatory approval, identifying the land that is being implemented by the municipality and the environment, agriculture, and up to 40 square kilometers."
He pointed out that "these parties have already determined that an area of 20 square kilometers of implementation but that discussions were still ongoing to agree on the remaining space."

He pointed out that "the project is an integrated city with 40 thousand residential units within the residential and government departments, service and a hospital, schools, green areas and playgrounds and the unity of the liquidation of water and a green belt and up the project to 28 billion dollars," adding that "the project will be implemented in several stages up to eight years ".
The epicenter of the city of Karbala at a distance of 110 km to the south-west of the capital Baghdad.

erm... basically they have no actual cash up front and are waiting for iraqi retail house buyers to give them money to commence building on a unit by unit basis!

[BigDreamer]

LOL good thread.. nothing works better against scammers than a 'name and shame' approach.. if only the iraqi media has this attitude..

[wasta]

very painful thread actualy, its upsetting to see the corruption, incompetence and the continued suffering of our people. I hope every corrupt official
suffers in this life and after for seeing the widows beg on our street while stealing and not giving a damn.

My mother says, the emirates steal but at the same time they build, our officials only steal.

[wasta]

very painful thread actualy, its upsetting to see the corruption, incompetence and the continued suffering of our people. I hope every corrupt official
suffers in this life and after for seeing the widows beg on our street while stealing and not giving a damn.

My mother says, the emirates steal but at the same time they build, our officials only steal.

[sheytanElKebir]

actually wasta, if you look at the emirates, you will see that out of the "announced" projects barely 10-15% have actually been built! so Iraq's not doing that badly by comparison.

the reason places like dubai became hot is because foreigners (especially asians / iranians / russians / africans) could launder their ill gotten gains through dubai "off plan" realestate market, whereas in Iraq's case this is simply not available.

For proper development Iraq should really look to countries like Turkey as a model, and forget the silly debt riddled"dubai envy".

[sheytanElKebir]

baghdad renaissance plan

http://www.skyscrapercity.com/showthread.php?t=1196369

[sheytanElKebir]

Missan 1150MW powerstation to be built by the non-existent "swiss-russian" group "Wintercroft Capital"


http://www.skyscrapercity.com/showpo...1&postcount=35


You really have to laugh. The tragic comedy of the complete and utter stupidity of every single person in Local and National authorities in Iraq!

MORONS. RETARDS. MONKEYS. GOATS. I don't know what else to call them really.

[sheytanElKebir]

I will also give honourable mention in the Scam list to the "Kurdish aircraft Industry" scam where a young man with no middle school education has managed to completely fool the Kurdish authorities that his home assembled kit plane was of his own design and manufacture and managed to convince them to fund his "aviation factory"

http://www.skyscrapercity.com/showthread.php?t=1202925

Oh the depths of stupidity are bottomless in the great Iraq.

[BigDreamer]

Originally Posted by sheytanElKebir

Missan 1150MW powerstation to be built by the non-existent "swiss-russian" group "Wintercroft Capital"


http://www.skyscrapercity.com/showpo...1&postcount=35


You really have to laugh. The tragic comedy of the complete and utter stupidity of every single person in Local and National authorities in Iraq!

MORONS. RETARDS. MONKEYS. GOATS. I don't know what else to call them really.

In the article you posted it actually says it's a Russian company (with perhaps Swiss stakeholders), maybe it's incorporated in Russia?

I haven't heard of them before either..

[sheytanElKebir]

Originally Posted by BigDreamer

In the article you posted it actually says it's a Russian company (with perhaps Swiss stakeholders), maybe it's incorporated in Russia?

I haven't heard of them before either..

well google brings up nothing...

[sheytanElKebir]

The "fake company" given the project to reconstruct Sha3ab stadium in Baghdad.

here's the thread...
http://www.skyscrapercity.com/showthread.php?t=1112231

[sheytanElKebir]

The Iraqi Drilling Company of the Oil Ministry signed a joint venture with "mesopotamian petroleum" company on a joint drilling venture a few years ago. This company was supposed to provide $400M of expertise and drilling rigs to Iraq as part of the joint venture.

http://www.mesopotamiapetroleum.com/

needless to say it was a fake company.

Today the Iraqi drilling company has finally signed a joint venture deal with Schlumberger (a REAL oil exploration and drilling company)!

www.slb.com

[baghdad_sara]

*facepalm*

[elusive]

looking through the list, one can almost predict what is going to be a scam project...monorail? really? let's get iraq's rail system and roads up to scratch and then think about light rail

[sheytanElKebir]

I thought, instead of listing scam projects here, can't we change the status of projects to SCAM in the thread title?

who has authority to do that? MODs?