US OIL MAN JAILED FOR UN SCANDAL !
American oil tycoon Oscar Wyatt has been sentenced to one year and a day in prison for conspiracy in the UN oil-for-food programme scandal.
The Texas oilman, aged 83, had agreed last month to plead guilty to conspiracy to commit wire fraud.
He admitted he agreed to pay $200,000 (£97,000) into an Iraqi bank account.
Under the oil-for-food programme, some companies paid bribes to officials in Saddam Hussein's Iraq in order to secure contracts to buy oil.
The programme was established in the wake of sanctions imposed on Iraq after the country invaded Kuwait in 1990.
It allowed Iraq to sell oil in order to buy humanitarian provisions.
A UN-commissioned inquiry found that 2,200 companies in 66 countries paid $1.8bn in bribes to Iraqi officials to win oil contracts.
Under Mr Wyatt's plea bargain, prosecutors dropped four other charges against him and he agreed to the prison term and to forfeit $11m (£5.3m).
He is the most prominent figure to be jailed over the scandal.
BBC NEWS REPORT.
The Texas oilman, aged 83, had agreed last month to plead guilty to conspiracy to commit wire fraud.
He admitted he agreed to pay $200,000 (£97,000) into an Iraqi bank account.
Under the oil-for-food programme, some companies paid bribes to officials in Saddam Hussein's Iraq in order to secure contracts to buy oil.
The programme was established in the wake of sanctions imposed on Iraq after the country invaded Kuwait in 1990.
It allowed Iraq to sell oil in order to buy humanitarian provisions.
A UN-commissioned inquiry found that 2,200 companies in 66 countries paid $1.8bn in bribes to Iraqi officials to win oil contracts.
Under Mr Wyatt's plea bargain, prosecutors dropped four other charges against him and he agreed to the prison term and to forfeit $11m (£5.3m).
He is the most prominent figure to be jailed over the scandal.
posted by jackaranda at 8:28 am
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