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Authorities seize oil-for-food money

The Federal Prosecutor's Office has almost concluded all its investigations into the United Nations oil-for-food scandal, seizing SFr17 million ($17.28 million).

This content was published on March 18, 2008 - 16:34

Inquiries focused on 36 companies based in Switzerland that were mentioned in a UN report published in October 2005.

According to the Volcker Report, these companies made illegal payments in connection with oil purchases or supplied humanitarian goods to Iraq at excessive prices.

The prosecutor's office has six cases pending, while another is subject to a preliminary investigation. In eight further cases, the matter was referred to cantonal prosecution authorities, leading to a series of convictions.

The prosecutor's office has declined to disclose the identities of the companies named in the Volcker Report that were or still are the target of criminal investigations.

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