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Former Volvo executives convicted of Iraq bribes
Two former executives at AB Volvo's construction equipment unit have been convicted of violating UN sanctions during Saddam Hussein's regime.
Updated on: Apr 4, 2012, 19:27:04 IST
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Two former executives at AB Volvo's construction equipment unit have been convicted of violating UN sanctions during Saddam Hussein's regime.
Rune Lundberg, 61, and Hakan Nirstedt, 49, were found guilty of offering kickbacks of USD 3.6 million through the UN's oil-for-food programme in Iraq.
The Eskilstuna district court handed them suspended sentences and fines of USD 18,000 and USD 9,000, respectively.
Their defense lawyers said today they hadn't decided whether to appeal the previous day's ruling.
The Volvo unit was among 2,200 companies listed in a UN-backed investigation as having colluded with Saddam's government.
The men claim the UN's sanction committee approved the contracts knowing that Iraqi authorities slapped on extra charges.
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