Saturday, October 22, 2005

Two Swiss Part of Oil-For-Food Scandal

Two Swiss Executives were accused by an independent inquiry committee in the oil for food Scandal. These executive were said to be paying secret kickbacks to Iraq in the United Nations oil-for-food program. Texas oil tycoon Oscar Wyatt was the third suspect who was arrested on Friday according to the Two Washington Post. What is shocking, according to Swiss Info, all three men may face heavy fines and up to 62 years in prison if found guilty.

Since the US probe, criminal investigations in Switzerland for a few other people who were suspected to be part of this scandal. It looks bad for both countries since under the program, Iraq was able to negotiate and mismanage more than $10 billion (SFr12.9 billion) in oil smuggling profits, according to the CIA. It's quite shocking to see numbers like that. So far it looks like more than 2,500 firms could be involved in the program.

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