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Oil company Total, fined by French court in Iraq oil-for-food case (Reuters)

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posted on Feb, 26 2016 @ 07:51 AM
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A Paris court fined Total 750,000 euros ($825,000) on Friday for corrupting foreign officials, overturning an earlier acquittal over the French oil giant's role in the United Nations' Iraqi oil-for-food program.

French prosecutors had appealed in 2013 after a lower court cleared the oil group and all other defendants accused of funneling proceeds from U.N-authorized oil sales to former president Saddam Hussein's government via intermediaries, in defiance of international sanctions.

Under the 1996-2003 program, Iraq was allowed to sell oil in exchange for goods that met basic humanitarian needs, including food and medicines.

But an independent inquiry, led by the former U.S. Federal Reserve chairman Paul Volcker, disclosed in 2005 that Baghdad had used the trades to solicit hidden surcharges from oil purchasers.

Between 2000 and 2002, Hussein's regime collected $228 million in illicit payments from 2,200 companies in 60 countries, according to the report - part of an estimated $11 billion haul from sanctions-busting and kickbacks over more than a decade until the 2003 U.S.-led invasion of Iraq.


source: reuters

Wow, what a harsh fine of 750,000 euros!


Really pathetic! One could argue they got away with it? really cheap!

Related sources:
france24
Oil-for-Food_Programme
edit on 26/2/2016 by kloejen because: (no reason given)




posted on Feb, 26 2016 @ 08:00 AM
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The French Government wants their cut.



posted on Feb, 26 2016 @ 08:13 AM
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a reply to: kloejen


Ummm...A little glossy window dressing for the pap swallowers...I'm sure it put a real dent in their...TOTAL...

The french Government...Totally bought...

Totally pathetic...




YouSir
edit on 26-2-2016 by YouSir because: it was totally...fun...

edit on 26-2-2016 by YouSir because: Italics is fun...



posted on Feb, 26 2016 @ 08:49 AM
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a reply to: YouSir

Here is a little snippet from Wiki, on their latest achievements



Italian bribes
On 16 December 2008, the managing director of the Italian division of Total, Lionel Levha, and ten other executives were arrested by the Public Prosecutor’s Office of Potenza, Italy, for a corruption charge of €15 million to undertake the oilfield in Basilicata on contract. Also arrested was the local deputy of Partito Democratico Salvatore Margiotta and an Italian entrepreneur.[45][46]


UN Oil-for-Food Programme for Iraq
In April 2010, Total was accused of bribing Iraqi officials during former president Saddam Hussein's regime to secure oil supplies. A United Nations report later revealed that Iraqi officials had received bribes from oil companies to secure contracts worth over $10bn.[47]
Investments in Iran

Total has been a significant investor in the Iranian energy sector since 1990.[48] Total is suspected of concealing the source of its oil imports from Iran.[49] On 28 June 2010 Total announced that it would cease shipments of oil products to Iran following adoption by the United States of economic sanctions against the country.[50]


Bribery in Iran
In 2013, a case was settled that concerned charges that Total bribed an Iranian official with $60 million, which they documented as a "consulting charge," and which unfairly gave them access to Iran's Sirri A and Sirri E oil and gas fields. The bribery gave them a competitive advantage, earning them an estimated $150 million in profits. The Securities Exchange Commission and the Department of Justice settled the charges, expecting Total to pay $398 million.[51]

source: wiki

Amazing what money can allow you to get away with?


*sigh*
edit on 26/2/2016 by kloejen because: (no reason given)



posted on Feb, 26 2016 @ 09:10 AM
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a reply to: kloejen



Ummm...it really is disgusting...however it was nice to see the following...


The bribery gave them a competitive advantage, earning them an estimated $150 million in profits. The Securities Exchange Commission and the Department of Justice settled the charges, expecting Total to pay $398 million.[51]
...The only effective deterrent is to fine them above their profit and expenditure...got to really make it hurt their bottom line...looks like this at least was a step in the right direction...



YouSir



posted on Feb, 26 2016 @ 11:13 AM
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Its pathetic how small these fines are compared to the crime! im no math expert but even if it came out to a 1 million fine for them thats peanuts! do they not know how many million are in a billion? Lady justice fails once again.



posted on Feb, 26 2016 @ 06:07 PM
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a reply to: JourneymanWelder

A kindergarten student would find this highly irregular. Its a confirmation on the conspiracy we all had about the first gulf war. And the ones to come...Exploitation at the worst.

Screw the stars and flags, but i feel bad no one else noticed this, and does not react.


This is only the top of the iceberg, somehow the other 6 sisters got it better covered?
edit on 26/2/2016 by kloejen because: (no reason given)



posted on Feb, 26 2016 @ 10:09 PM
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For the giggles. Did anyone here ever play the game Oil Imperium on the Amiga? Screwing with the suitcase? lol





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