Oil-for-food official pleads guilty

[amsterdam]

a federal prosecuter investigating corruption in the $64 billion oil-food program issued the first criminal charges against a U.N. official,accusing a former Russian procurement officer of receiving hundreds of thousands of dollars in bribes from companies doing buisness with the United Nations.

Alexander Yakovlev,52,pleaded guilty to three counts of wire fraud and money laundering.The charges carry up to 60 years in prison.Kofi Annan waived his diplomatic immunity yesterday.

Hat Tip John Bolton.

[amsterdam]

Sevan is next.

[amsterdam]

perhaps now we can avoid a league of nations scenerio

[Psycho4Bud]

This could get real interesting!

Under the program, Saddam's regime could sell oil, provided the proceeds went primarily to buy humanitarian goods or pay war reparations. Saddam allegedly sought to curry favor with former government officials, activists, journalists and others by giving them vouchers for Iraqi oil that could then be resold at a profit.

Richard Goldstone, a member of Volcker's committee and a former Yugoslav war crimes prosecutor, gave an indication of the extent of corruption in the program in an AP interview. He alleged that about half the 4,500 companies that took part paid kickbacks or illegal surcharges on oil purchases.
http://www.zwire.com/site/news.cfm?newsid=15013881&BRD=1817&PAG=461&dept_id=68561&rfi=6