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| Iraq |
| Iraqi Billionaire Has Stake in Bank That Holds Oil-for-Food Funds |
| 2003-04-30 |
| EFL - NYTimes, reg req, yada, yada One of the largest private shareholders in BNP Paribas, the French bank that holds more than $13 billion in Iraqi oil funds administered through the United Nation's oil-for-food program, is an Iraqi-born businessman who once helped to arm Iraq in the 1980's and brokered business deals with Saddam Hussein's government, according to public records and interviews. Tap, tap, surprise meter still not working The involvement of the businessman, the British billionaire Nadhmi Auchi, raises questions about how carefully the United Nations has vetted the bank in its continuing role as repository of oil-for-food funds. Although the United Nations pressed Iraq to allow banks other than BNP Paribas to be the primary repository for billions of dollars in oil revenue, Iraq successfully insisted that BNP Paribas remain the sole caretaker of the program's escrow account. Gee, I wonder why? There is no evidence that Mr. Auchi, or BNP Paribas itself, engaged in any irregularities in the handling of the Iraqi funds. Not yet, anyway A United Nations spokesman said it was now impossible to determine why Iraq insisted on BNP Paribas, other than that the Iraqis had "confidence and trust" in the bank. Now there's a red flag "It's moved on with the winds of history," said the spokesman, Ian Steele. He said the United Nations had no knowledge of Mr. Auchi or his investment in BNP Paribas. "Who?" The United Nations gained nominal control of Iraqi oil profits through the oil-for-food program. But critics in the United States government and elsewhere say the United Nations has not policed the program effectively, and that some funds were diverted by Iraqi officials. The United Nations has defended its stewardship of the program. Mr. Auchi first became involved with Paribas, the predecessor to BNP Paribas, in the 1970's. He also played a central role in the 2000 merger of Paribas and BNP, helping to steer Paribas away from a merger with a rival concern. In 1996, according to European news accounts, Belgium's ambassador to Luxembourg charged that Banque Continentale du Luxembourg, a bank that Mr. Auchi and Paribas jointly controlled until 1994, had handled personal accounts for Mr. Hussein. Should still be records, if they were legit. Earlier this month, Mr. Auchi was arrested and released on bail in London pending a court hearing next week on fraud charges involving the French oil giant TotalFinaElf. French prosecutors have accused Mr. Auchi of helping channel bribes to Total's executives, a charge Mr. Corker denies. Mr. Auchi was born in Iraq in 1937 and lived there until 1981, his lawyer said. He became a British citizen in 1981. Mr. Auchi sold Italian naval vessels to Mr. Hussein's government in the early 1980's. In 1993, an Italian banker told Italian investigators that in 1987, Mr. Auchi had helped an engineering concern secure a contract for an oil pipeline from Iraq to Saudi Arabia by bribing members of the Hussein government, according to a transcript of a police interrogation. I'd say this guy may have some idea where all that cash Sammy had stuffed in his sock drawer came from. |
| Posted by:Steve |
| #3 TO FORMER LIBERAL YOU MADE MY DAY.I WAS BORN IN LUX.AMERCAN NOW FOR A LONG TIME .THANK YOU FOR ONE OF MY BEST LAUGHS IN A WHILE |
| Posted by: donner 2003-04-30 23:39:35 |
| #2 TO FORMER LIBERAL YOU MADE MY DAY.I WAS BORN IN LUX.AMERCAN NOW FOR A LONG TIME .THANK YOU FOR ONE OF MY BEST LAUGHS IN A WHILE |
| Posted by: donner 2003-04-30 23:38:00 |
| #1 Let's not be too hard on these guys. SOMEbody has to fund and feed the new EU Army. |
| Posted by: FormerLiberal 2003-04-30 11:18:37 |