Don't miss

Replay


LATEST SHOWS

ENCORE!

The Best of the 2018 Cannes Film Festival

Read more

ENCORE!

Cannes 2018: and the Palme d’or goes to....

Read more

ENCORE!

Cannes 2018: Lebanese film 'Capharnaum' wows critics

Read more

EYE ON AFRICA

Ebola outbreak in DR Congo: vaccinations to start on Sunday

Read more

MEDIAWATCH

The Royal wedding: Pomp & controversy

Read more

ENCORE!

Cannes 2018: John Travolta brings the mob to the red carpet

Read more

THE WORLD THIS WEEK

Summit or No Summit: North Korea angry over military drill

Read more

DOWN TO EARTH

Could thawing permafrost unleash long-gone deadly viruses?

Read more

FRANCE IN FOCUS

French and noble in 2018: What remains of France's aristocracy?

Read more

Business

France's Total fined €750,000 over Iraq ‘oil-for-food’ scandal

© Martin Bureau, AFP | French oil giant Total’s headquarters near Paris on October 21, 2014

Text by NEWS WIRES

Latest update : 2016-02-26

French oil giant Total was ordered on appeal Friday to pay 750,000 euros ($827,000) for corruption linked to the UN "oil-for-food" programme established for Iraq during Saddam Hussein's rule.

The Swiss-based Dutch oil group Vitol was fined 300,000 euros.

They were among more than a dozen individuals and companies who were cleared of corruption in 2013 after an eight-year investigation.

They had been accused of siphoning cash from the $64 billion (54 billion euros) UN programme that allowed Iraq, then under crippling international sanctions, to sell limited quantities of oil to buy humanitarian supplies between 1996 and 2003.

The fine slapped on Total on Friday was the maximum possible at the time of the wrongdoing.

Saddam forced foreign companies involved in the programme to pay a 10 percent surcharge – accounted for as "transport costs" or "after-sales service" – which in reality went to the regime's coffers.

A UN inquiry led by former US Federal Reserve chairman Paul Volcker alleged in 2005 that the 2,200 companies involved in the programme had paid a total of $1.8 billion in kickbacks to win supply deals. Of those, 180 were French.

(AFP)

Date created : 2016-02-26

  • FRANCE - RUSSIA

    Total names new bosses after CEO's death in Moscow crash

    Read more

  • FRANCE - RUSSIA

    Christophe de Margerie: Total’s mustachioed maverick

    Read more

  • FRANCE

    French court acquits Total in Iraq 'oil-for-food' case

    Read more

COMMENT(S)