***Excellent news*****

[easyrider]

Iraq closes file on “corrupt” oil-for-food contracts

14/06/2011 13:21

Baghdad, June 14 (AKnews) – The Iraqi government announced on Tuesday that it has closed the oil-for-food contracts file after resolving legal disputes with international companies accused of corruption.

Companies that sold commodities via the Oil-for-Food Program were allegedly overcharging by up to 10%, with part of the overcharged amount being diverted into private bank accounts for Saddam Hussein and other regime officials and the other part being kept by the supplier.

In February, the government announced that it was pursuing more than 150 international companies within the framework of the oil-for-food program corruption file.

Legal Counsel Fadel Mohammed Jawad told AKnews that Iraq is now free from possible legal restrictions resulting from the program.

“Iraq will not face legal problems regarding the oil-for-food program after the development of legal resolutions for all prior contracts drawn up with international companies,” he said.

The Oil-for-Food Program was established by the United Nations in 1995 to relieve the extended suffering of civilians as the result of the comprehensive sanctions on Iraq from the UN, following Iraq's invasion of Kuwait in August 1990.

Under the UN initiative, Iraq was able to sell oil on the world market in exchange for food, medicine, and other humanitarian needs for ordinary Iraqi citizens without allowing Iraq to boost its military capabilities.

Throughout its existence, the program was dogged by accusations that some of its profits were unlawfully diverted to the government of Iraq and to UN officials. These accusations were made in many countries, including the US and Norway.

The UN Security Council voted unanimously in mid-January on three resolutions.

The embargo imposed on Iraq on the import of nuclear materials for peaceful purposes was duly lifted; the oil-for-work program was terminated and the chapter VII immunity from compensation clause was extended until the end of June 2011.

Reported by Jaafar al-Wannan

Rn/Ka/AKnews

[Hbomb]

Thanks Easy. Why would someone give you a negative? You gave yourself one didn't you? Stop beatin yourself up.

[easyrider]

Thanks Easy. Why would someone give you a negative? You gave yourself one didn't you? Stop beatin yourself up.

haha yep you got me. All good.

[Theflyingbird]

Thanks for the post. This looks like another step forward to hopefully getting all their issues resolved and gettin everyone this elusive RV. GO RV!!!!

[Riley]

Thanks easyrider - closing this thread - duplicate news story with link -