(Photo: CNN Money)
French oil company Total SA was fined 750,000 euros ($826,125) after judges found it guilty of corruption in Iraq’s oil-for-food program.
Total is guilty of corrupting foreign civil servants, judges at the Paris court of appeals said in a Friday ruling. The penalty comes after Total was cleared of all charges by a Paris court in 2013. Total’s lawyer, Jean Veil, said he was “disappointed” by the ruling. The French company said through a spokeswoman that it is evaluating its next move.
Vitol SA was fined 300,000 euros by judges at the Paris court of appeals. The Swiss oil-trading company said it plans to appeal the ruling to France’s supreme court. “Vitol continues to deny that it is guilty of the corruption charges brought in France,” said spokeswoman Andrea Schlaepfer. The firm had already pleaded guilty to theft in the U.S. and agreed to a $17.5 million fine for paying kickbacks to Iraq.
The original article can be found at bloomberg.com