Another in a string for international firms was charged with corruption related to Iraq's Oil-for=Food program.
This time, it is a French oil group, Total, and the CEO will be questioned along with "18 other individuals" in a court trial later this year or next year.
Favorite quote:
"The oil-for-food programme, which ran from 1996 until the US-led invasion of Iraq in 2003, allowed sanctions-hit Iraq, then under Saddam Hussein, to
A committee headed by Paul Volcker, the former US Federal Reserve chairman, alleged in 2005 that more than 2,000 companies had been involved in paying $1.8bn of illicit surcharges and kickbacks around the programme. Some oil industry officials say this was never proved.
According to his report, Iraq favoured selling oil to companies and individuals based in countries, such as France, that supported the lifting of sanctions against Iraq."
Details are here:
http://www.ft.com/cms/s/0/27686260-bd31-11e0-9d5d-00144feabdc0.html?ftcamp=rss#axzz1UGqg2rAD
vj
Comments