Weir Group faces £3m fine over Iraqi oil-for-food breaches
16 Dec 10
Company will pay a total of £17m to bring six-year investigation to a close
The Weir Group has been fined £3m for breaching UN sanctions in the Iraqi oil-for-food programme, established in 1996 to allow Iraq to exchange for humanitarian necessities, without benefitting Saddam Hussein’s regime.
The oil and gas technology company’s admission of guilt brings to a close the six-year investigation of allegations that it had paid kickbacks which violated the UN rules. It will now pay a total of £17m, which includes the £14m it agreed to pay to cover its benefit from the pieces of business in question.
Weir’s chairman, Lord Smith commented: "Since 2001 Weir has been transformed. We have a different board and a different management team all of whom are committed to doing business at all times in an ethical manner.”