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Ethics

: Ethisphere Blog - Good. Smart. Business. Profit.

Flowserve Pays $10.6 Million for Abusing Iraqi Oil-for-Food Program

By Ethisphere.com

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flowserveWill there ever be an end to the Oil-for-Food abuses? Flowserve Corporation announced last Thursday that it will pay nearly $10.6 million to the U.S. Securities and Exchange Commission and the U.S. Department of Justice for violating the United Nation’s Iraq Oil-for-Food humanitarian program. A Dutch and French-based subsidiary of the company, Flowserve Pompes SAS, came under investigation by the the SEC and DOJ in 2006 for allegedly paying kickbacks to Iraqi government officials. The kickbacks were were worth approximately 10 percent of the price of the contract, or just over (more…)

Full post as published by Ethisphere Blog - Good. Smart. Business. Profit. on February 26, 2008 (boomark / email).

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