The Federal Supreme Court issued a ruling today invalidating a decision by the former Revolutionary Command Council that halted laws allowing non-Iraqis to own and invest their funds in companies within Iraq. The court statement clarified that the session was
held under the presidency of Judge Mundher Ibrahim Hussein with the full attendance of the judicial members. The lawsuit was filed by the Prime Minister and the Speaker of the Parliament in their official capacities, focusing on annulling the Revolutionary
Command Council Decision No. 23 of 1994 as amended by Decision No. 33 of 1997. The contested decision suspended laws permitting foreign ownership and investment in Iraqi companies, imposing penalties of imprisonment ranging from one to three years for violators,
with harsher penalties for Iraqi violators including up to two years imprisonment and confiscation of unlawfully owned or invested assets. The court indicated that the ruling of unconstitutionality was based on the violation of specific articles of the 2005 Iraqi
Constitution, and the judgment is binding on all authorities according to Article 94 of the Constitution, with the verdict publicly announced.
