Don't miss

Replay


LATEST SHOWS

THE DEBATE

What's the deal with oil? Saudi Arabia's about-face on OPEC (part 2)

Read more

THE DEBATE

What's the deal with oil? Saudi Arabia's about-face on OPEC (part 1)

Read more

EYE ON AFRICA

Amnesty accuses Sudan of chemical attacks on civilians

Read more

EYE ON AFRICA

Nations vote to end all trade of endangered pangolins

Read more

MEDIAWATCH

Trump accuses Google of 'suppressing bad news about Clinton'

Read more

BUSINESS DAILY

Dublin courts post-Brexit business

Read more

FOCUS

Afghanistan's national unity government faces political deadlock

Read more

REPORTERS

World War I: When northern France was on German time

Read more

INSIDE THE AMERICAS

Mixed reactions to historic Colombia peace deal

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)