Raid El Taher gave kickbacks to Saddam Hussein

[joeblow]

Raid El Taher gave kickbacks to Saddam Hussein

http://www.rte.ie/business/2005/1028/presswatch.html


Today in the press
Friday, 28 October 2005

BULA NAMED IN UN OIL-FOR-FOOD REPORT - The Irish Times quotes a United Nations report as saying that Bula Resources paid hundreds of thousands of dollars in kickbacks to Saddam Hussein's government in connection with contracts for Iraq's oil-for-food programme.

The report says that Bula Resources, which was chaired by former Taoiseach Albert Reynolds, sold €4.9m of Iraqi oil and paid 'surcharges' to the Iraqi government of €252,000. The report shows that Bula shareholder and anti-Iraq sanctions campaigner, Raid El Taher, was a beneficiary of the Bula deal.

According to the paper, Mr Reynolds has denied knowing that Mr El Taher - who was a consultant to Bula - had close business links to the Iraqi government. Mr El Taher was chairman of the British-based peace organisation Friends Across Border and campaigned to have sanctions against Iraq lifted.
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The investigation found that the Bula payments to the Iraqi government were made through a company called Ambertey Assocides and routed through the Jordan National bank and a bank called the Fransabank.

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NEW ROUTES LIFTED AER ARANN PROFITS - The Irish Independent says the roll-out of several new routes to the UK and Northern France helped regional airline Aer Arann boost pre-tax profits last year by nearly 300% to €7.6m.

The paper says the introduction of eight new routes in 2004 meant that turnover was lifted from €42m to €70m. On top of that Aer Arann received an €18m subsidy payment from the Exchequer for its Public Service Obligation (PSO) routes to regional Irish airports, according to its latest accounts.

The Indo quotes chief executive Padraig O'Ceidigh, who also owns the airline, as saying that while 2004 had been very positive, this year would be more challenging. He said he expects to see a slight fall in profits due to the dollar/euro exchange rate and the high price of oil.

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SNOW WANTS FRESH CHINA CURRENCY MOVE - The Financial Times says John Snow, the US Treasury secretary, has told China's leaders that the US wants to see another revaluation of the renminbi before the visit to China by George W. Bush, US president, next month.

The FT says that during a week-long tour of China this month, Mr Snow publicly played down tensions over the currency. But in private discussions he said more action was needed to demonstrate that July's small revaluation of the renminbi was not a one-off.

The paper quotes 'people familiar with the talks' as saying that the message was delivered in meetings with Hu Jintao, China's president, Wen Jiabao, the premier, Zhou Xiaochuan, the governor of the People's Bank of China, and Jin Renqing, finance minister.

Mr Snow said that concerns in the US Congress over the renminbi had been allayed only temporarily by the 2.1% revaluation. He warned of the political pressures surrounding Mr Bush's, which begins on November 18.

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EUROTUNNEL SHAREHOLDERS WARNED ON FUTURE - The Guardian says Eurotunnel shareholders were warned yesterday against 'unrealistic' expectations of how much of the company they would be left with following a financial restructuring currently under negotiation.

The paper says the caution, from a committee representing lenders holding about 45% of Eurotunnel's debt, followed a statement from the company's chairman, Jacques Gounon, that the talks were making 'encouraging progress'.

Eurotunnel's debt totals £6 billion but its structure is divided between different classes of creditors with different rights.

The creditors' committee said that if the company could not service its debt then shareholders could not expect to 'retain a significant interest'.