{"id":35653,"date":"2016-02-26T13:54:53","date_gmt":"2016-02-26T10:54:53","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/business\/?p=35653"},"modified":"2016-02-26T14:27:13","modified_gmt":"2016-02-26T11:27:13","slug":"frances-total-fined-750000-euros-over-iraq-oil-for-food-graft","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/business\/2016\/02\/frances-total-fined-750000-euros-over-iraq-oil-for-food-graft\/","title":{"rendered":"France&#8217;s Total fined 750,000 euros over Iraq &#8216;oil for food&#8217; graft"},"content":{"rendered":"<div class=\"tooltipContent\">\n<div class=\"scrollContent jq_Content jq_langdir tinyscrollbar doctooltip-y fontsize_0\">\n<div class=\"viewport\">\n<div class=\"overview\">\n<div id=\"attachment_35659\" style=\"width: 650px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.capitalfm.co.ke\/business\/wp-content\/blogs.dir\/3\/files\/2016\/02\/h_50210339.jpg\" rel=\"attachment wp-att-35659\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-35659\" class=\"size-full wp-image-35659\" src=\"https:\/\/www.capitalfm.co.ke\/business\/wp-content\/blogs.dir\/3\/files\/2016\/02\/h_50210339.jpg\" alt=\"CEO of French multinational oil company Total, Christophe de MargerieEPA\/YOAN VALAT\" width=\"640\" height=\"352\" srcset=\"https:\/\/www.capitalfm.co.ke\/business\/files\/2016\/02\/h_50210339.jpg 640w, https:\/\/www.capitalfm.co.ke\/business\/files\/2016\/02\/h_50210339-300x165.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><p id=\"caption-attachment-35659\" class=\"wp-caption-text\">CEO of French multinational oil company Total, Christophe de MargerieEPA\/YOAN VALAT<\/p><\/div>\n<p><strong>France, Feb 26 \u2013 French oil giant Total was ordered on appeal Friday to pay 750,000 euros ($827,000) for corruption linked to the UN &#8220;oil-for-food&#8221; programme established for Iraq during Saddam Hussein&#8217;s rule.<\/strong><\/p>\n<p><strong>The Swiss-based Dutch oil group Vitol was fined 300,000 euros.\u00a0<\/strong><\/p>\n<p>They were among more than a dozen individuals and companies who were cleared of corruption in 2013 after an eight-year investigation.<\/p>\n<p>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.<\/p>\n<p>The fine slapped on Total on Friday was the maximum possible at the time of the wrongdoing.<\/p>\n<p>Saddam forced foreign companies involved in the programme to pay a 10 percent surcharge &#8212; accounted for as &#8220;transport costs&#8221; or &#8220;after-sales service&#8221; &#8212; which in reality went to the regime&#8217;s coffers.<\/p>\n<p>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.<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"tooltipActions clearfix\">\n<div class=\"leftCol actions\"><a class=\"icon icon-cart-full-16-blue jq_AddToCart\" href=\"http:\/\/www.afpforum.com\/AFPForum\/Search\/Results.aspx?smd=9&amp;mui=3&amp;pki=3&amp;fto=3&amp;ihp=1#\">Add to cart<\/a> <a class=\"icon icon-common-print-16-blue jq_Print jq_tipsyfy\" href=\"http:\/\/www.afpforum.com\/AFPForum\/Search\/ViewMedia.aspx?mui=3&amp;hid=A12F3E2B69AD765D04BD766404379A3D29519AD805D0EB602607F95AC5B6F9170BC6FCF6DB455B096631E2C382075F48&amp;mpn=1&amp;prn=635920782089007248\" target=\"_blank\">Print<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>France, Feb 26 \u2013 French oil giant Total was ordered on appeal Friday to pay 750,000 euros ($827,000) for corruption linked to the UN &#8220;oil-for-food&#8221; programme established for Iraq during Saddam Hussein&#8217;s rule. The Swiss-based Dutch oil group Vitol was fined 300,000 euros.\u00a0 They were among more than a dozen individuals and companies who were [&hellip;]<\/p>\n","protected":false},"author":12327,"featured_media":35659,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,3],"tags":[],"coauthors":[695],"class_list":["post-35653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-world"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>France&#039;s Total fined 750,000 euros over Iraq &#039;oil for food&#039; graft - Capital Business<\/title>\n<meta name=\"description\" content=\"France, Feb 26 \u2013 French oil giant Total was ordered on appeal Friday to pay 750,000 euros ($827,000) for corruption linked to the UN &quot;oil-for-food&quot; 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