WASHINGTON, July 27 (HalliburtonWatch.org) -- Halliburton's KBR unit lost $18.6 million worth of government property in Iraq because of mismanagement, say government auditors quoted by Bloomberg News. About a third of the government items under Halliburton management in Iraq, including trucks, computers and office furniture have disappeared. Stuart Bowen, auditor for the inspector general of the now-disbanded Coalition Provisional Authority, said 6,975 of 20,531 items on Halliburton's ledgers are unaccounted for. "This occurred because KBR did not effectively manage government property," reported Bloomberg, quoting Bowen. "As a result, we projected that KBR could not account for 6,975 property items from an inventory of 20,531 valued at $61.1 million."

The disappearance of government property comes on the heels of a new report from Congress which says the war on terror needs an extra $12.3 billion over the amount provided by Congress last year. The Congressional Government Accountability Office said "anticipated costs will exceed the supplemental funding provided for the war by about $12.3 billion for the current fiscal year." The report cites Halliburton's LOGCAP contract with the Army as a primary reason why the military needs an extra $12.3 billion in funding. "LOGCAP costs have grown significantly as contractors replaced soldiers providing complex support functions," said the report.

More Information:

Houston Chronicle: Millions in U.S. property lost in Iraq, report says

Report of the Inspector General, Coalition Provisional Authority