Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: LindyBill who wrote (95894)	1/19/2005 6:38:34 PM
From: Bill Ulrich	Respond to of 793739

UN oil-for-food scandal is heating up: financegates.com Iraqi businessman guilty of stealing from UN oil-for-food program Samir A. Vincent, an Iraqi-American businessman, pleaded guilty on Tuesday of acting as an illegal agent for Saddam Hussein stealing millions of dollars from the UN-sponsored oil-for-food program. Vincent, 64, is the first person to be charged in the investigation of the US Justice Department into the UN program that raised estimated $67 billion for the Iraqis’ humanitarian needs as the UN was struggling to help the nation with rich oil reserves to translate its natural wealth into nutrition for its citizens. The program envisaged the placement of the proceeds from oil sales in an account managed by the UN, from which Iraq could withdraw funds only with the purpose of buying food, medicine and other humanitarian necessities. Saddam Hussein’s government used the program to get illegal kickbacks amounting to $1.7 billion, reported special weapons inspector Charles Duelfer in a report. The Independent Inquiry Committee said in a statement that it was "fully aware of the involvement of Samir Vincent in these activities." "For a considerable period of time we have been in discussions with the U.S. Attorney’s Office for the Southern District of New York in an effort to interview Mr. Vincent and obtain his assistance in the IIC’s investigation. It is hoped that today’s developments will allow us to meet that objective as soon as possible," the statement said.