by the US occupation authority
Reports by Christian Aid and the Liberal Democrats, Britain's third-largest political party, said there were glaring gaps in the handling of $20 billion generated by Iraq's oil.
The Christian Aid report on Sunday also said the majority of Iraq's reconstruction projects had been awarded to US companies, which charged up to 10 times more than their Iraqi equivalents.
The UN gave the US occupation authority responsibility for the Development Fund for Iraq (DFI) after the fall of Saddam Hussein in May 2003.
But it stipulated that expenditure must be shown to be in the country's best interests and that all revenue should be paid into a simple fund.
However, Christian Aid and the Liberal Democrats said that no audit on the money had been carried out until April 2004.
Aljazeera.Net - Iraq's missing oil billions - Jun.28.04
