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El Paso to pay $7.7 million for oil-for-food irregularities
02/19/2007
Without admitting any wrongdoing, El Paso Corp. said Feb. 7 it will forfeit $5,482,363 and pay a civil penalty of $2.25 million to the US Securities and Exchange Commission in connection with illegal surcharges paid to Saddam Hussein’s government for Iraqi oil under the United Nations’ oil-for-food program.In return, the company faces no federal prosecution, said representatives of the US Department of Justice. The forfeited $5.5 million will be transferred by the US through the UN’s Development Fund of Iraq as restitution to the citizens of Iraq.Coastal Corp. was involved in the oil-for-food program starting in 1996, prior to El Paso’s acquisition of the company i...
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