RUdeGB-Evening Standard, by Allan Hall -10 August 2005: - The Security Exchange Commission (SEC), the financial watchdog (the U.S. of N.) America is probing the sale of DaimlerChrysler Actros trucks in connection with the scandal of the agenda of the UN "oil for food", as it was known today.
According to the magazine "Stern", Iraq in 2002 had ordered 150 of these vehicles, 50 of which were delivered via Moscow. The Russian branch of Daimler sold the company the Russian Engineering Company, which in turn sold them to the Iraqi state GAMCO.
Daimler said yesterday: "We are working in this area along with the SEC and endorse the results of our investigations."
are under investigation whether DaimlerChrysler deliveries to Iraq under Saddam Hussein violated the laws against corruption in the U.S. The SEC has required the bank records and documents of the car. The "oil for food" of the UN, designed to allow Iraqis access to food, despite the strict UN sanctions, was in operation from 1996 to 2003. Since
has been under fire for the widespread corruption in their lists. The charges ranging from money laundering, to returns, and conspiracy.
Yesterday, a leading figure in the program, Alexander Yakovlev, admitted money laundering and other charges. An independent panel led by Paul Volcker, former chairman of the Federal Reserve Bank of the U.S. of NA, also accused the former head of the program, Benon Sevan, of receiving returns.
All sales under the oil-for food "was first adopted by the UN after the company's Geneva-based Cotecna then arranged the shipments and payments.
A German businessman told Stern that Cotecna was a "bottleneck" in the transactions, and companies that often had to stand in line for the execution of their contracts. Reportedly, companies could "buy" their position in front of the line.
The SEC wants to know if DaimlerChrysler could also have paid a bribe to move to the top of the list. Since DaimlerChrysler is listed on the NYSE, the SEC can investigate the automaker even a German company.
Research is not the only headache for the firm, whose chairman and chief executive Jurgen Schrempp said last month that he would be retiring. Also the company
has been beset by issues regarding the quality and reliability of its range of Mercedes.
The list of German corporations involved in scandals is growing - BMW, Infineon, Volkswagen, Commerzbank - long after the SEC announced its investigation of DaimlerChrysler in possibly corrupt deals
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