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Illegal Surcharges - UN - Volcker Says Volvo, Siemens Paid Kickbacks to Iraq
NY,USA -Bloomberg -Oct. 27, 2005: -- Volvo AB, Siemens AG and DaimlerChrysler AG were among 2,392 companies that paid kickbacks to Iraq in an aid program designed to allow Saddam Hussein to sell oil to buy food, medicine and other goods, former U.S. Federal Reserve chairman Paul Volcker said in a report today... The European companies sold vehicles and electric-utility equipment to Iraq, according to the report issued in New York today on the United Nations program... UN Secretary-General Kofi Annan knew about Hussein's corruption of the program and did little to stop the illegal activity, the Sept. 7 report from Volcker's investigation said... Annan was informed of kickbacks, oil surcharges and smuggling that allowed Hussein to skim about $13 billion from the Iraqi aid program. He didn't share that knowledge, confront Iraqi officials or take steps within the UN to address the problems, the report said... Benon Sevan, the former UN official who ran the program, is in his native Cyprus and can't be extradited should he be indicted. Volcker in an Aug. 8 report accused Sevan of taking kickbacks from a company for helping it secure contracts to buy Iraqi oil...
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