» Home » Business News Iraq Directory Services Plans Subscription Contact us Site Map Help About Iraq Switzerland to release frozen assets to Iraqi development fund Swiss authorities said that they plan to hand over to an Iraqi development fund CHF10 million ($7.9 million) of assets linked to the old regime, the Associated Press reported. The funds were frozen in accounts belonging to three Iraqi banks, which now have 30 days to appeal the decision to Switzerland's federal court. A spokesman for the Swiss State Secretariat for Economic Affairs said that the banks are unlikely to object as they are now under the authority of the new Iraqi government. If there is no appeal, the funds will be formally transferred to the Development Fund for Iraq. Switzerland plans to turn over a further CHF170 million ($135.2 million) of frozen assets associated with the old regime to the fund, which was set up by the U.S. and U.K. Each case will be considered on its own merits. Source : www.menafn.com © 2002-2004 Iraq Directory - All Rights Reserved