- UN clears sale of Iraqi oil at approved prices, much lower than the market price. The proceeds then would go to buy food and other essentials.
- Iraq distributes oil allotments to firms, political parties and individuals
- Money from the sale is paid into a UN account by the buyer
- The Iraq government, however, negotiates with the buyer and adds a surcharge to be paid into a Jordan National Bank account. Iraq had access to this fund, running into billions. This is the "kickback" Volcker refers to.
- The buyer makes his profits by selling Iraqi oil at market prices
The Oil-For-Food Plan Goes Awry
Updated on:
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Updated on:
Published at:
The Oil-For-Food Plan Goes Awry
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