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Iraq Loses Oil-for-Food Lawsuit
According to a report from Reuters, a US federal appeals court has rejected Iraq’s effort to sue dozens of companies for allegedly conspiring with the Saddam Hussein regime to subvert the United Nations’ oil-for-food programme and deprive Iraqi citizens of humanitarian aid.
The court said Iraq’s government could not recoup damages under a U.S. anti-racketeering law over Hussein’s effort to defraud the U.N. programme, despite repudiating that effort and his regime’s legitimacy.
More than 80 companies, subsidiaries and affiliates were named as defendants in the 2008 lawsuit over the $64.2 billion (£39.1 billion) oil-for-food programme, which ran from 1996 to 2003 and was designed to help citizens hurt by international trade sanctions.
Among the defendants were the French bank BNP Paribas; Swiss engineering company ABB; U.S. oil company Chevron; British drugmaker GlaxoSmithKline and German electronics company Siemens.
(Source: Reuters)
(Court image via Shutterstock)
Source: Iraq-BusinessNews.com.
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According to a report from Reuters, a US federal appeals court has rejected Iraq’s effort to sue dozens of companies for allegedly conspiring with the Saddam Hussein regime to subvert the United Nations’ oil-for-food programme and deprive Iraqi citizens of humanitarian aid.
The court said Iraq’s government could not recoup damages under a U.S. anti-racketeering law over Hussein’s effort to defraud the U.N. programme, despite repudiating that effort and his regime’s legitimacy.
More than 80 companies, subsidiaries and affiliates were named as defendants in the 2008 lawsuit over the $64.2 billion (£39.1 billion) oil-for-food programme, which ran from 1996 to 2003 and was designed to help citizens hurt by international trade sanctions.
Among the defendants were the French bank BNP Paribas; Swiss engineering company ABB; U.S. oil company Chevron; British drugmaker GlaxoSmithKline and German electronics company Siemens.
(Source: Reuters)
(Court image via Shutterstock)
Source: Iraq-BusinessNews.com.
[You must be registered and logged in to see this link.]
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