'Satan' account: millions hidden for Saddam


A retired banker living in Switzerland spent 10 years helping Saddam Hussein hide millions of dollars via a bank account under the name of "Satan".

Mr Elio Borradori (75) funnelled millions of dollars in "commissions" and "consultancy fees" into companies controlled by Saddam's appointees, operating through Panama, the Bahamas and Switzerland, according to a UK Sunday newspaper report.

US officials estimate Saddam channelled between £4 billion and £7 billion into accounts around the world, which must now be tracked down. Downing Street on Saturday estimated Saddam's riches could total up to £13 billion

One of Saddam's relative's, Saad al-Mahdi, who controlled the "Satan" account with the Banca del Gottardo in the Bahamas, was beheaded by the Iraqi leader, possibly because he was skimming money from the account.

Mr Borradori said: "Is it worse to work as a trustee of Saddam Hussein than to work for a mafia godfather or a drug trader?

The newspaper also claimed to have uncovered documents relating to export deals with Iraq made by two French arms companies, Dassault and Thomson-CSF. The companies deny exporting banned goods to Iraq in the 1990s.