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Did Willie O’Dea make a profit from the Iraq war?

category national | anti-war / imperialism | opinion/analysis author Friday May 13, 2005 16:21author by Tim Report this post to the editors

Min for Defence had shares in Iraq oil company

Revelations in this week's Village magazine raise serious questions about Willie's motivations for supporting Ireland's role in the invasion of Iraq.

According to the current issue of Village Magazine (p17) our Minister for Defence, Willie O’Dea bought shares in an oil company operating in Iraq in 2003, and sold them ‘very recently’. The article is well worth a read, and there’s more on Liz O’Donnell and other TD’s shareholdings.

The company is named as Petrel resources, registered in Clontarf, and operating in oil exploration and production in Iraq. According to the Village, the directors of Petrel are well known to Minister O’Dea, as he provided seed capital for another of their ventures, West African Diamonds.

According to the statement of the company chairman on the Petrel website http://www.petrelresources.com/_aboutPetrel/chairmansStatement.shtml

the war has been good for Petrel.
Before the shock and awe started, Petrel’s shares were trading at an all time low of 3 pence (sterling). By the end of June 2003 they had risen more then 400%
Today they are trading at 38.5p each, more than 10 times the pre-invasion price.
That’s one whopping return for an investor who knew when to get in.

Shortly before the attack, invasion and occupation of Iraq, Willie O’Dea (then a junior minister for justice) appeared on RTE to defend the use of Shannon Airport by the US military. (RTE’s Questions and Answers 27th January 2003)

http://www.indymedia.ie/newswire.php?story_id=25679

He said that oil was a strategic vital interest and that it had a vital interest on jobs, including his own.

He never, during any discussion on the war or Shannon’s role in it, mentioned that he PERSONALLY had these shares, and that he had a financial interest in the outcome of the invasion of Iraq and access to Iraqi oil.

How many shares did he have?
When did he buy them?

It would appear that Willie personally benefited from the Invasion of Iraq, which was helped enormously by the decision taken by him and his FF/PD colleagues to allow Shannon to be used for the invasion.

This is the same man who said that there was nothing secretive or furtive going on at Shannon (before the Peace Camp exposed the daily landings of troops and military cargo). One has to wonder what secretive or furtive things were going on in his wallet at the same time.
Ironically, it is a politician who OPPOSED the war, George Galloway, who is the focus of US allegations over oil dealing, will pro-war Willie be held up to the same level of scrutiny?

Willie’s fortunes are at odds, not only with the average Iraqi, but also the Irish taxpayer, as it turns out that over the last 5 years, the Irish taxpayer has subsidised US military use of Shannon to the tune of 10 MILLION EUROS.

author by Lone Gunmanpublication date Tue May 17, 2005 11:38author address author phone Report this post to the editors

And are Labour gonna grow a spine and ask what Colonel Willie was doing buying oil stock while he was voting on Shannon Warport? or are they just gonna say "well, we made a fine speech previously, please refer to that" ?

author by nerrawpublication date Mon May 16, 2005 23:56author address author phone Report this post to the editors

thank god for that then

author by Chris Bond - Labour Youth/UCD Labour, UCD Students union, UCD Left, Anti war Campaigner (Pers Cap)publication date Mon May 16, 2005 23:35author address author phone Report this post to the editors

Labour have issued press releases in the past condemning shannon warport. When i was at one of pat rabbittes speeches earlier on in the year he gave us a firm gaurantee that use of Shannon would end immediately if Labour were be in government.

author by eeekkkkpublication date Mon May 16, 2005 23:12author address author phone Report this post to the editors

"After one battle May 8 that killed at least two Marines, a roadside bomb that claimed six more on Wednesday and days of fruitless hunting for the enemy, the Marines were ready for a fight. The remote village of Arabi, just two miles from the Syrian border, looked to be the place. If the Americans found Arabi in the hands of foreign fighters, said Marine Maj. Steve Lawson, commander of Lima Company in the 3rd Battalion, 25th Regiment, "we'll make it rubble."

"So, within sight of Syria, they searched caves in the high, sheer rock escarpment that circles part of Arabi. Seeing a man come out of a cave, look out and go back in, a U.S. helicopter crew shot a Hellfire missile. Commanders came on the radio. Those were ordinary Iraqis hiding inside the caves, the commanders said. Hold off."

Related Link: http://www.boomantribune.com/story/2005/5/16/111422/594
author by Righteous Whatabouterpublication date Mon May 16, 2005 22:43author address author phone Report this post to the editors

To drag people off on a tangent.
The story posted here is about whether the minister for defence personally profited from the invasion of Iraq.

author by righteous pragmatistpublication date Mon May 16, 2005 18:47author address author phone Report this post to the editors

Have you forgotten that on January 30 2005 14 million Iraqis voted for the formation of democratic government for the country defying the threats of Al-Zarqawi and suicide bombs who declared them all infidels deserving of death for even daring to do so?
Have you forgotten that for 30 years Saddam Hussein subjected his people to one of the most brutal regimes of the 20th and 21st centuries? Who removed him from power and gave the Iraqis the chance of freedom?
George W. Bush.
America has a lot more to do to make up for the Cold War when it supported fascist dictators and supplied them with weapons for short term goals.
The massacre in Uzbekistan shows that once again the policy of real politic is redundent.
However praise where praise is due.
Iraq is now free of Saddam and in time will be free of the terrorist thugs too.

author by gogradypublication date Mon May 16, 2005 13:54author address author phone Report this post to the editors

Not a shred of ethics or accountability in him.

author by Michaelpublication date Sun May 15, 2005 23:36author address author phone Report this post to the editors

Nadia, believe me when I say that I'm certainly *not* an apologist for Labour, FG, or for that matter even the Greens (who I just heard at their AGM wouldn't pass a motion against Shannon stopovers).

author by Reality Cheque - Tash-with-the-Cash-Teo.publication date Sun May 15, 2005 22:30author address author phone Report this post to the editors

Petrel sure did well, and made a profit, but they never pretended to be there for anyone's interest but their own (and their shareholder's)

Our beloved Minister for Defence, however, likes to tell us all how he, and his buddies act in the NATIONAL interest, and how helping the US blow the crap out of people and towns in Iraq was in the national interest (shur there's jobs in it, lads)

Of course if Willie's vote to support US use of Shannon airport to invade and occupy Iraq was motivated by 'something other than the national interest' then he certainly isn't going to admit it to his gullible constituents.

while the rest of us fork out money to subsidise the Bush war machine's passage through Ireland, Willie's doing quite nicely out of the whole affair... he'll not be short of wax for the 'tash.

author by nadiapublication date Sat May 14, 2005 21:28author address author phone Report this post to the editors

"If you can find any evidence that while Labour or FG were in government they also decided to abandon Irish neutrality like the FF/PD government have, please post it below."

Didn't all those US planes that were used against Iraq, enforcing the no-fly zones, and the UN sanctions that killed Iraqi children fly through Irish airspace?

Were were Labour and FG then?

The time to do something about Shannon was BEFORE it become too late. Well done Ruairi, your apologists are out in force, but your complicity in enabling this mess is obvious.

author by Whatpublication date Sat May 14, 2005 14:52author address author phone Report this post to the editors

How about changing the name of the "Make Poverty History" campaign to "Make Exploitation History". The racist spin is that Africa is poor when it is rich in resources. Problem with Africa is all the Euro-drawn borders, the exploitation and the flood of arms from the members of the "security council".

What's this campaign about?

author by donaldepublication date Sat May 14, 2005 14:23author address author phone Report this post to the editors

do you mean to say that any country that decides to open its market to foreign investors will prosper? great! quick, tell all the poor nations of the world and soon everything will be rosey! but what, by the way, has bin laden got to do with the insurgents in iraq? didnt bin laden hate 'that infidel' saddam?

author by Johnpublication date Sat May 14, 2005 12:00author address author phone Report this post to the editors

This is excellent news. Petrel is not stealing oil from Iraq. It has invested millions in Iraq in a perfectly legal way for the purposes of exploration and development of a resource that fuels the world economy and for which the new Iraq will be handsomely rewarded. Oil is now $50 per barrel. Iraq will get the major share of that $50 for each barrel of oil discovered and produced by Petrel. Many countries in the world, e.g. Ireland, go out of their way to persuade foreign companies to invest in their economies. These countries are rich. Other countries, e.g. Cuba, go out of their way to prevent them. These countries are poor. It is good to know that the new Iraq is following Ireland's example and has no hang-ups about allowing foreign companies to invest in its economy. If it continues to follow this path, Iraq can look forward to being the Ireland of the Middle-East in a decade's time, a country bursting with enterprise and multi-national investment. The increase in the share price also tells us something. It tells us that the so-called insurgency by Bin Laden's demented supporters is failing and will fail. If investors thought for a second that the Bin Laden crowd would take over Iraq or even disrupt it sufficiently to stop foreign companies operating there, then the Petrel shares would be worth nothing.

author by Michaelpublication date Sat May 14, 2005 11:28author address author phone Report this post to the editors

What the current government is doing is different in quite a few ways from what previous Irish governments did. In September 2001 the Irish government decided to wave all the conditions which normally applied to foreign military flights passing through Ireland.

The conditions (see Letter from the Office of the Minister for Foreign Affairs to Eoin Dubsky 23 July 2002 here: http://www.redbrick.dcu.ie/~slack/rp/yesminister.html) had been maintained for over fourty years, and were designed to ensure Ireland complied with international laws of war. In 'Horgan v Ireland' the government's lawyers tried to make the point in their defence that such laws were outdated, obsolete. Though the judgement went largely in their favour in the end, Judge Kearns was clear about one thing: International law does exist, and it does place rights and obligations on Neutral Powers as stated in the Hague Conventions on Neutrality.

If you can find any evidence that while Labour or FG were in government they also decided to abandon Irish neutrality like the FF/PD government have, please post it below.

author by toneorepublication date Sat May 14, 2005 00:55author email toneore at eircom dot netauthor address author phone Report this post to the editors

"over the last 5 years, the Irish taxpayer has subsidised US military use of Shannon to the tune of 10 MILLION EUROS."

I would also be interested in knowing what the cost was in the 5 years preceeding this. Labour TD Roisin Shortall should ask Ruari Quinn to explain himself in the light of Labour presiding over the same policy - and then getting up in front on Anti-War rallies and complaining about the behaviour of the current government.

author by Michaelpublication date Fri May 13, 2005 23:12author address author phone Report this post to the editors

To be fair to him, while other politicians and journalists were faking pity for the Iraqi people, Willie O'Dea was one of the only ones to call it what it was: an oil war.

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