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Politics : PRESIDENT GEORGE W. BUSH
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To: DuckTapeSunroof who wrote (663539)12/2/2004 12:23:13 PM
From: sandintoes  Read Replies (1) of 769670
 
August 28, 2004
Scottish Company Admits Irregular Fees Paid, Doesn't Know If It Will Ever Be Found
IC Birmingham: Hunt for missing Iraq cash 'unlikely'

Engineering Group Weir said it was unlikely to track down £4.2 million in irregular payments it made while working with the United Nations oil- for- food programme in Iraq.
The company made the admission yesterday as it showed a significant improvement to its order book on the back of new products and a stronger economic outlook.

...

Chief executive Mark Selway said: "We were pleased with the first-half results and have got an order book now to take us forward into a stronger second-half this year."

But Mr Selway said it was unlikely to discover where money went missing in Iraq.

The company said in July its Wesco Dubai business paid the extra money to an agent in the field, on top of normal commissions, and it was possible the money had returned to Iraq.

Mr Weir said that an investigation by law firm Herbert Smith into the payments continued, but indicated it was unlikely to find out who was to blame.

"I'm not sure it is going to really outline terribly much more than we already know," he said.

"It is going to be virtually impossible, in my view, to track down where the cash finally ended up."
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