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Midway Trading pleads quilty to involvement with oil for food scandal

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posted on Oct, 20 2005 @ 03:56 PM
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Midway Trading, a Virgina based oil trading company, was order to pay a $250,000 fine after pleading guilty to charges of involvement in the U.N. oil for food scandal. The company reportedly payed close to $400,000 in Iraqi bribes to buy oil under the program. The investigation of Midway Trading came after it was reported that a top U.N. offical Benon Sevan, received $150,000 from an oil trading company.
 



today.reuters.com
NEW YORK (Reuters) - A Virginia oil trading company pleaded guilty on Thursday to charges of scheming to pay more than $400,000 in kickbacks to Iraq for oil purchases made as part of the defunct U.N. oil-for-food program for Iraq.

Midway Trading, a Reston, Virginia-based firm, agreed to pay a $250,000 fine in a plea deal, according to the Manhattan district attorney's office.

Morgenthau's office said the case against Midway began as a result of cooperation with Volcker's Independent Inquiry Committee, which is expected to issue its final report this month, on companies around the world who benefited from the U.N. program.



Please visit the link provided for the complete story.


According to the article, the Volckers Independant Inquiry Committee is expected to release it's final report by the end of the month. The report should show which companies have benefited from the Oil for Food program. I haven't followed the Oil for Food scandel a whole lot, but I am interested in what other companies are involved and the ties they might have.

Related News Links:
news.bbc.co.uk

[edit on 20-10-2005 by silentlonewolf]

[edit on 10/26/05 by FredT]




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