http://www.timesonline.co.uk/article/0,,7374-1836145,00.html An oil trading company has admitted grand larceny in the UN Oil-for-Food programme scandal, and will pay a fine of $250,000 (£140,000).
Midway Trading, of Reston, Virginia, is accused of being part of a scheme to pay kickbacks to Iraq in connection with oil purchases made under the programme, and has pleaded guilty to first-degree grand larceny. Midway is accused of paying more than $440,000 to Iraqi officials.
The Independent Inquiry Committee, which has been investigating the Oil-for-Food programme, is expected to release its final report this month on the companies involved in the $64 billion programme, which began in 1996 to help ordinary Iraqis to cope with UN sanctions imposed after the invasion of Kuwait.
Yesterday insurgents set fire to the main oil pipeline in northern Iraq. It links an oil field in Kirkuk to Iraq’s largest refinery in Beiji.
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