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PA Leaders Hire Investigators to Trace Arafat’s Fortune

March 14, 2005
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According to the report, Yasser Arafat was one of the few who knew the exact location of the majority of the funds. PA leaders Abu Mazen (Mahmoud Abbas) and Abu Ala (Ahmed Qurei) have only a partial knowledge of the money's whereabouts. “Arafat knew more than anyone, but even he did not know all the details,” one senior official was quoted as saying.

The hired private investigators have reportedly managed to locate some of the funds in U.S. and Cayman Islands investments. However, it is estimated that the money traced so far constitutes a very small portion of the fortune. Meanwhile, questions have been raised regarding Arafat's personal funds. Experts have estimated that huge sums that were donated to the Palestinian people were transferred directly into his accounts. According to some accounts, between US $40 million and US $70 million were deposited in his accounts every year.

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