By John Lee.
French oil company Total and Swiss oil-trading company Vitol have been fined for corruption by a French court in relation to Iraq’s oil-for-food program.
According to Bloomberg, Total was guilty of corrupting foreign civil servants, and has been fined EUR 750,000, while Vitol has been fined EUR 300,000.
Other corruption charges against Total and its then Chief Executive Officer, Christophe de Margerie, were dropped in 2013.
A UN inquiry led by former US Federal Reserve chairman Paul Volcker alleged in 2005 that the 2,200 companies involved in the oil-for-food programme had paid a total of $1.8 billion in kickbacks to win supply deals, according to RFI.
(Sources: Bloomberg Business, RFI)
(Court image via Shutterstock)