CAIRO, March 13, 2006 (IslamOnline.net) – Sixty-one of Britain's major firms, including many with long-standing relationships with the ruling Labour and at least two former defense ministers, have profited at least £1.1bn from massive investments since the invasion-turned occupation of Iraq three years ago, The Independent reported on Monday, March 13.

The post-war profiteers include private security services, banks, PR consultancies, urban planning consortiums, oil companies, architects offices and energy advisory bodies, according to a joint investigation by Corporate Watchdog, an independent watchdog, and The Independent.

Among the top earners is construction giant Amec, which has made some £500m from contracts to restore electrical systems and maintain power generation facilities.

Corporate Watch believes the £1.1bn figure is only the tip of the iceberg and the sum could be as much as five times higher, because many companies prefer to keep their relationship secret.

The report, nonetheless, recognizes that British companies still make far less compared to Americans.

In a report published nine days after the invasion of Iraq on March 21, 2003, the Financial Times said British construction companies were lobbying with their government to secure contracts in a post-war Iraq reconstruction.

American firms are seen to have taken the lion’s share of juicy contracts for the reconstruction of post-war Iraq.

According to the investigation many of the British companies involved enjoy long-standing relationships with the ruling Labour.

Corporate Watch estimates there are between 20,000 and 30,000 security personnel working in Iraq, half of whom are employed by companies run by retired senior British officers and at least two former defense ministers.

Aegis, which has earned more than £246m from a three-year contract with the Pentagon to coordinate military and security companies in Iraq, is run by Tim Spicer, a former British army lieutenant colonel.

It has a workforce the size of a military division and may rank as the largest corporate military group ever assembled.

Adam Smith International, which is closely linked to the right-wing think-tank used by former prime minister Margaret Thatcher, has been heavily involved in the foundation of the Iraqi government and continues to influence its newly formed ministries, according to the report.

Tim Bell, who ran the Tories' election campaigns in 1979, 1983 and 1987, is another favorite of the Thatcher governments now involved in Ira.

His PR firm Bell-Pottinger has been involved in advising on the 2004 elections and a strategic campaign to promote support for the army and police.

Click to read more in The Independent

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