Paul Volcker: A grave conflict of interest in Iraqi oil-for-food program

Senior UN official Benon Sevan wasengaged in "a grave conflict of interest" in the Iraqi &to=http:// ' target=_blank>oil-for-food program, soliciting and gaining millions of barrels of oil allocations for a Swiss company from the former Iraqi government of Saddam Hussein, an investigative report said on Thursday.

The report, issued by the UN chief investigator Paul Volcker, said that with the help of Sevan, the &to=http://' target=_blank>Swiss company, the African Middle East Petroleum Co. (AMEP), gained millions of barrels of oil from 1998 to 2001. Sevan "solicited and received on behalf of AMEP several millionbarrels of allocations of oil from 1998 to 2001. As a result of Mr.Sevan's conduct, AMEP's revenue -- net bank fees and surcharge payment -- totaled US 1.5 million &to=http://' target=_blank>US dollars," said the 246-page report, informs Xinhua News.

According to the Indian Express, Volcker said allegations of conflict of interest by Kofi Annan would be handled in a latter report. Annan’s son Kojo, had worked in West Africa for a firm under contract to the United Nations in Iraq.

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