After the Persian Gulf War, as part of continued sanctions against Saddam Hussein’s regime, the United Nations prohibited Iraq from selling oil. As a humanitarian gesture, though, it allowed Iraq to sell oil on the world market in order to raise money for food and other humanitarian supplies. That limited relaxation of economic sanctions was known as the U.N. Oil-for-Food Program. (more…)
The Securities and Exchange Commission has charged former Chairman and CEO of Schnitzer Steel Industries, Inc., Robert W. Philip with violating the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA). Specifically, the complaint alleges that Philip authorized payment of more than $200,000 in cash bribes and other gifts to managers at government-owned steel mills in
According to the SEC, Schnitzer generated almost $600 million in revenue from sales to customers who had received the improper payments.
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