Chevron is ready to announce that it should have known that kickbacks were being paid to Iraq under the U.N. sanctioned food for oil program.Citing unnamed sources, the Wall Street Journal (WSJ) is set to report that U.S. oil company, Chevron, is ready to come clean concern payment they made for Iraqi oil they bought that was part of the UN food for Iraqi oil program.
These unnamed WSJ sources said negotiations are still on going about the settlement amount Chevron is going to pay because of these kickback payments, but it appears the fine is going to be in the neighborhood of $25-30 million dollars. If this payment amount is true, then this payment will be the highest paid by a US company in connection with the UN food for oil scandal.
Pundits speculate the UN food for oil scandal is one reason given as to why countries such as France and Russia were reluctant to help the US lead coalition dethrone Saddam Hussein.
President Bill Clinton put the food for oil program into play in 1995 because of concerns that the Iraqi people were suffering unfairly because of the sanctions imposed on Iraq because of Saddam Hussein’s ill-advised plan of invading Kuwait.
This program ended in 2003 because of the US lead coalition to invade Iraq because of Saddam’s unwillingness to follow UN guidelines that called for inspection of Iraqi weapons.
As the program food for oil program ended, there were revelations of corruption involving the funds.
Read more about his issue at CNN Money
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