Tuesday, March 25, 2008

AB Volvo's Iraq kickbacks penalty


This is good news. This sort of behaviour needs to have costs, economic and otherwise!

Onésimo Alvarez-Moro

See article:
The Swedish lorry maker AB Volvo has agreed to pay millions of dollars in fines in connection with an inquiry into Iraq's UN oil-for-food programme.

It will pay a $7m (£3.5m) fine to the US Department of Justice (DOJ) and $4m in civil fines to the Securities and Exchange Commission.

The firm will also pay $8.6m - the amount two of its subsidiaries had made in profits from the programme.

See full Article.