I heard another story earlier in the week about some guy from here, in Texas, going to jail, too. I only assume this isn't "new" news so no one cares about this unbilevable story. How these private companies, public companies and even UN sanctioned members, broke the law. And years later its only good enough for page 25...bbc news wrote:
AB Volvo's Iraq kickbacks penalty
The penalty relates to two subsidiaries of Volvo Trucks
The Swedish lorry maker AB Volvo has agreed to pay millions of dollars in fines in connection with an inquiry into Iraq's UN oil-for-food programme.
It will pay a $7m (£3.5m) fine to the US Department of Justice (DOJ) and $4m in civil fines to the Securities and Exchange Commission.
The firm will also pay $8.6m - the amount two of its subsidiaries had made in profits from the programme.
In return, the units will not face prosecution for at least three years.
The DOJ will drop the prosecution completely if the two units - Renault Trucks and Volvo Construction Equipment - abide by the terms of an agreement.
The details of the deals were not disclosed.
Kickbacks demanded
The oil-for-food programme was established by the UN to limit the humanitarian impact of the international sanctions on Iraq.
But the Iraqi government began demanding kickbacks from companies seeking to sell products under the scheme - usually amounting to 10% of the total contract.
"Today's acknowledgement by AB Volvo of its subsidiaries' wrongdoing in making illegal payments to the former Iraqi government in exchange for contracts is one more step in holding accountable those companies who conspired to deceive the United Nations," said Assistant Attorney General Alice Fisher.
Volvo's chief executive Leif Johansson described the incident as regrettable.
"But we do note with some satisfaction that the authorities spoke favourably of the co-operation by Volvo as well as Volvo's own investigation and measures," he said.
AB Volvo is not the company that makes Volvo cars. It sold the carmaking division to Ford in 1999.
I'd like to hear your opinion about this "old" news. When in my opinion, it really makes me wonder why its been so easy to avoid the root problems with the era of Dictatorship under Saddam Hussein. Look pretty clear that there were a lot of people making record amounts of profits, illegally, and they didn't want to get caught.
And this is something all together interesting: look at the last statement in this article:
Yeah Ford bought them, but AB Volvo still makes these vehicles. Am I wrong? Are they intentionally trying to steer clear of the story here? Whats the deal with that?AB Volvo is not the company that makes Volvo cars. It sold the carmaking division to Ford in 1999.