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Rediff.com  » Business » 'STC did not supply foodgrains to Iraq'

'STC did not supply foodgrains to Iraq'

Source: PTI
October 29, 2005 14:44 IST
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India on Saturday said the state-run State Trading Corporation, which is among the 125 Indian companies alleged to have paid kickbacks to the Saddam Hussain government for a $680,000 dollar, did not supply wheat under the UN Oil for Food Programme.

"STC did get a contract for supply of food grains during the period 1999-2000 and 2000-01 but did not supply as a Letter of Credit could not be opened," commerce secretary S N Menon told PTI.

He, however, said the entire issue would be looked into in greater detail shortly.

The 623-page UN enquiry report by former US Federal Reserve Chairman Paul Volcker is understood to have named 125 Indian companies, which included STC, Kirloskar Engines, Ajanta Pharma, Mohan Exports, L T Overseas Ltd, Jord Engineers, National Electrical Industry, Jain Irrigation Systems, Lucky Exports and Airpac Exports.

These companies are alleged to have paid kickbacks for getting business under UN's Oil for Food Programme.

These are among the 2,400 firms from all over the world, which are alleged to have made illegal payments totalling $1.8 billion to the Saddam government.

DaimlerChyrsler, Volvo, Siemans also figure in the list.

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