Chemicals company Akzo Nobel has agreed to pay $2.9m in an out of court settlement after two of its subsidiaries, Organon and Intervet, were accused of bribing officials in Saddam Hussein’s Iraqi regime.
The US securities and exchange commission said in a statement on Thursday that ‘between 2000 and to 2003, two of Akzo Nobel’s subsidiaries authorised and made $279,491 in kickback payments in connection with their sales of humanitarian goods to Iraq under the UN Oil for Food programme.’
The UN programme was intended to provide humanitarian relief for the Iraqi population.
The kickbacks were characterised as after-sales service fees but no bona fide services were performed, the SEC says.
Akzo Nobel sold both companies last year.
To read the SEC report click here.
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