LAWSUITS NEWS & LEGAL INFORMATION
Oil for Food
Washington, DC: (Nov-14-07) The US Securities and Exchange Commission brought charges against Chevron Corp., alleging that the company made illegal kickbacks to Iraq in connection with the UN's oil-for-food program. The company was accused of violating the Foreign Corrupt Practices Act. Though the company neither admitted nor denied the allegations, it did agree to remit $25 million in profits and pay a $3 million civil penalty. The company also will pay the Treasury Department's Office of Foreign Asset Controls $2 million.
According to statements issued from the US Attorney for the Southern District of New York, officials claimed that the nation's second largest oil company still could be prosecuted for criminal tax violations. Records show that four other companies have agreed to settle SEC corruption charges stemming from alleged kickbacks to Saddam Hussein's regime, oil and gas company El Paso Corp.; diversified manufacturer Textron Inc.; diversified industrial company Ingersoll-Rand Co. ; and York International Corp., which was purchased in 2005 by auto supplier Johnson Controls Inc. [CNN NEWS: OIL FOR FOOD]
Published on Nov-15-07
According to statements issued from the US Attorney for the Southern District of New York, officials claimed that the nation's second largest oil company still could be prosecuted for criminal tax violations. Records show that four other companies have agreed to settle SEC corruption charges stemming from alleged kickbacks to Saddam Hussein's regime, oil and gas company El Paso Corp.; diversified manufacturer Textron Inc.; diversified industrial company Ingersoll-Rand Co. ; and York International Corp., which was purchased in 2005 by auto supplier Johnson Controls Inc. [
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