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It found Saddam Hussein received $1.8bn (£1bn) from firms including Daimler Chrysler and Volvo, and it also named individuals said to have benefited.
Paul Volcker, who led the inquiry, said corruption would not have been so pervasive had there been better discipline by UN management and he emphasised the need for wide-ranging UN reforms.
This is the fifth and final report into the $60bn (£32bn) programme, which was set up to ease the effect of sanctions on Iraq following the invasion in Kuwait.
Companies buying oil at cut prices would funnel extra money to Iraq through "surcharges" while those receiving money from Iraq for humanitarian goods and services would return a portion in "kickbacks", the report found.
More than half of the 4,500 companies - from 60 countries - involved in the oil-for-food programme paid kickbacks or surcharges to the Iraqi government, Mr Volcker reported.
Other prominent names on the list include German manufacturing giant Siemens, the construction arm of the Swedish group Volvo and the German-US car firm Daimler Chrysler - which made relatively small payments, amounting to a few thousand dollars.
Individuals named in the report include a former French UN ambassador, Jean-Bernard Merrimee, who has admitted receiving one oil allocation only.
Russian parliamentarian Vladimir Zhirinovsky and British MP George Galloway are also both named but have denied the allegations.
PROMINENT NAMED FIRMS:
Daimler Chrysler AG, Germany
Daewoo, South Korea
Wier Group, UK
Originally posted by Souljah
Full Report on Programme Maniuplation in .pdf
Manipulation of the Oil-For-Food Programme By The Iraqi Regime
Oil Transactions and Illicit Payments
Humanitarian Goods Transactions and Illicit Payments
The Escrow Bank and the Inspection Companies
Other UN Related Issues
October 27, 2005