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NEWSWEEK obtained a copy of a secret, U.N.-approved oil-for-food contract, dated June 2002, between the Liechtenstein company Fenar Petroleum and Iraq’s State Oil Marketing Organization, the Iraqi national oil company that U.S. officials say is tightly controlled by Saddam Hussein and his son Uday. The contract lists as Fenar Petroleum’s address the office of a “fiduciary” in Liechtenstein. But the company’s phone numbers are all in London, and the contract is signed on behalf of Fenar by someone named Musbah Ladki, whose name appears nowhere on Fenar’s official corporate-registration papers.
Nobody answers Fenar’s London phones. But NEWSWEEK traced Fenar’s phone numbers to an office building in a swank London neighborhood near Harrods department store and across from Hyde Park. The building’s list of tenants included two Swiss-based oil companies with well-known Russian connections and an office of Algeria’s national oil company. But a security guard at the building told a visiting NEWSWEEK reporter he had never heard of Fenar Petroleum or Musbah Ladki. A representative of the Algerian oil company also said she had never heard of Fenar or Ladki. The security guard said that representatives of the two Swiss oil companies with offices in the building usually worked in Geneva and only visited their London office occasionally to hold business meetings.
The business plan was simple: Italtech acquired allocations of Iraqi oil, then sold the oil to Bayoil for a small commission. Bayoil would collect the oil and sell it on.
"The money for the letters of credit [to buy the oil] always came from Bayoil; all the oil was passed to Bayoil. We were involved only from the contractual point of view," says the Italtech executive. "We put our name on the contracts in exchange for a commission of 1-2 cents per barrel. Chalmers and Giangrandi did everything." (link)