Chevron

New York, NY: (May-07-07) United States prosecutors filed suit against Chevron, the second-largest American oil company, over alleged kickbacks that were being paid to Saddam Hussein on oil it bought from Iraq as part of a now defunct United Nations program. Chevron is preparing to acknowledge that it should have known about the kickbacks and that the admission would be recorded as part of the agreement it will enter with the United States prosecutors. The settlement would include fines totaling $25 million to $30 million. The penalty would be the largest so far in the United States in connection with investigations of companies involved in the oil-for-food scandal. The investigation into Chevron's business practices were part of the $64 billion program set up in 1996 by the Security Council to help ease the effects of United Nations sanctions on Iraqi civilians after the first gulf war. Until the American invasion in 2003, the program allowed Saddam's government to export oil to pay for food, medicine and humanitarian goods. [NEW YORK TIMES: OIL KICKBACKS]

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Published on May-9-07