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Virginia oil company pleads guilty in scandal Original Source Link: (May no longer be active)    http://www.forbes.com/business/feeds/ap/2005/10/20/ap2290171.html http://www.forbes.com/business/feeds/ap/2005/10/20/ap2290171.html Associated Press Update 2: Va. Firm Pleads in Oil-For-Food Scandal 10.20.2005, 03:00 PM A Virginia oil trading company pleaded guilty to grand larceny in the U.N. oil-for-food scandal and will pay a $250,000 fine, prosecutors said Thursday. Midway Trading of Reston, Va., one of thousands of companies connected to the oil-for-food program, took part in a scheme to pay more than $440,000 in kickbacks to Iraqi officials, Manhattan District Attorney Robert Morgenthau said. The charges are just the latest to come out of the scandal. More charges are expected once the U.N.-backed Independent Inquiry Committee releases its final report, probably later this month. The United Nations launched the $64 billion oil-for-food program in 1996 to help ordinary Iraqis cope with U.N. sanctions imposed after Saddam Hussein's 1990 invasion of Kuwait. All money paid for Iraqi crude oil was supposed to go toward purchases of humanitarian goods. Although the program delivered food and other aid to Iraq's 26 million people until the 2003 U.S. invasion, it also was rife with corruption. The U.N. committee found that Saddam's government pocketed $10.2 billion through kickbacks and other illegal oil sales. In March 2001, Midway wired $225,000 to free up an oil shipment that it had purchased but was being held up at a Turkish port. The company later learned the money was for Iraqi government officials, Morgenthau said. Midway wired more than $215,000 that September before another allocation of oil was received. Prosecutors thought a fine of just $250,000 was appropriate because Midway actually lost more than $1 million on the transactions, said Daniel Castleman, Morgenthau's investigations chief. Morgenthau said he had jurisdiction in the case because the United Nations is in New York and some of the kickbacks were wired to an account in New York. In other cases to come out of the scandal, an Iraqi-born American businessman pleaded guilty in January to being an illegal agent of Saddam's government, and in April two Houston oilmen pleaded not guilty to charges they paid millions in kickbacks to Saddam's regime. U.N. committee member and former Yugoslav war crimes prosecutor Richard Goldstone said in August that about half the 4,500 companies that took part in the program are alleged to have paid kickbacks or illegal surcharges. Associated Press writers Edith M. Lederer and Larry Neumeister contributed to this report.

2200 companies made illicit payments says report All players gained from oil for food { February 3 2005 } Annan accepts criticism of united nations programs { September 8 2005 } Annan refuses to quit over UN report Annan son took payments through 2004 { November 26 2004 } Australia wins iraqi wheat deal despite allegations { March 3 2006 } Bombastic brit defies senate charges Bremer office hampering oil for food corruption inquiry Bush expresses confidence in annan Case against sanctions { October 6 1996 } Chalabi used oil for food to subvert grain contract { March 25 2006 } Charges filed against two texas oilmen { October 27 2005 } Congressman visits iraq { April 17 2000 } Documents say US condoned iraq oil smuggling Fined for taking medicine France disputes oil for food allegations Hussein used oil to dilute sanctions { October 7 2004 } Indian minister resigns over iraq oilforfood Internal UN audits ignite debate iraqi sanctions Kofi critizes US and british role in scandal Lawmakers deny oil for food accusations { May 17 2005 } Report blames france russia and china Report recommends fundamental administrative reform Saddam blames child deaths on sanctions { June 21 2003 } Saddam subverted double oil for food theft { November 15 2004 } Sanctions destruction Scandals leads discussion of no confidence measure Senator coleman calls for annan resignation Texas businessman indicted in oil for food program { April 14 2005 } Texas oilman pleads not guilty in oilforfood probe { October 28 2005 } Three indicted for giving sadam kickbacks { April 14 2005 } Treasury department oil for food violation { February 17 2005 } Un council backs probe of oil for food { April 22 2004 } Un responsibility suffering iraq { August 20 2003 } United nations official subverted oil for food inquiry { November 14 2004 } US acquiesced in iraq transactions outside UN program { February 3 2005 } US ignored oil smuggling warning { January 14 2005 } US was aware for iraq smuggling { January 13 2005 } Virginia oil company pleads guilty in scandal Volcker report sharply critical of oil for food operation { February 3 2005 } Files Listed: 40

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