BBC uncovers lost Iraq billions

By Jane Corbin

A BBC investigation estimates that around $23bn (£11.75bn) may have been lost, stolen or just not properly accounted for in Iraq.

For the first time, the extent to which some private contractors have profited from the conflict and rebuilding has been researched by the BBC's Panorama using US and Iraqi government sources.

A US gagging order is preventing discussion of the allegations.

The order applies to 70 court cases against some of the top US companies.

War profiteering

While George Bush remains in the White House, it is unlikely the gagging orders will be lifted.

To date, no major US contractor faces trial for fraud or mismanagement in Iraq.

The president's Democratic opponents are keeping up the pressure over war profiteering in Iraq.

Henry Waxman who chairs the House Committee on Oversight and Government Reform said: "The money that's gone into waste, fraud and abuse under these contracts is just so outrageous, its egregious.

"It may well turn out to be the largest war profiteering in history."

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