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: JURIST - The Paper ChaseUN Security Council ends Iraq sanctions
By Andrea Bottorff
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The most recent UN Security Council resolutions mark a turning point for Iraq and an end to the UN oil-for-food program that generated international scandals. In July, General Electric Co. (GE) [corporate website] agreed to a $23.5 million settlement [press release; JURIST report] after the US Securities and Exchange Commission (SEC) [official website] filed a complaint [text, PDF] accusing GE of bribing Iraqi officials to receive contracts under the oil-for-food program. The SEC claimed that, between 2000 and 2003, four of GE's subsidiaries gave millions of dollars worth of computer equipment, medical supplies and services to the Iraqi Health Ministry in exchange for contract deals. In April, a Paris judge charged [JURIST report] French oil company Total [corporate website] with bribery and complicity in connection with the scandal. According to the 2005 Volcker report, published by a UN-appointed Independent Inquiry Committee [official website] investigating corruption in the oil-for-food program, oil companies like Total allegedly paid Iraqi officials over $1.5 billion in illegal kickbacks [materials] in exchange for being selected as oil purchasers. Over the last three years, oil company Chevron [corporate website] also paid a large settlement to the SEC concerning misuse of the program, and two Texan oil barons, David Chalmers and Oscar Wyatt Jr. [JURIST reports], were sentenced to prison for their roles in the scandal. The oil-for-food program allowed the Iraqi government of Saddam Hussein, under UN sanctions in the wake of the first Gulf War, to sell limited stocks of oil in return for foodstuffs and other humanitarian supplies.
Full post as published by JURIST - The Paper Chase on December 16, 2010 (boomark / email).
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