|
|
Article: Iraq : Agco To Pay $20 Million In Settlement On Kickbacks To Iraq.
- Article from:
- TendersInfo
- Article date:
- October 3, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Agco Corp. (AGCO) will pay more than $20 million in fines stemming from an illegal kickback scheme on farm machinery purchased by the Iraqi government.
The sales took place between 2000 and 2003 under a United Nations-managed program that allowed Iraq to avoid international trade sanctions by using its oil proceeds to purchase food, medicine and related humanitarian goods, including farm machinery. The so-called oil-for-food purchases took place before the U.S.-led invasion of Iraq in 2003.
Separate investigations by the U.S. Justice Department, the U.S. Securities and Exchange Commission and Danish government prosecutors alleged that Georgia-based Agco ...