An Independent Inquiry Committee headed by Paul A Volcker had named about 2,400 firms and individuals who, as said by the report, had paid the Saddam regime money under the guise of the United Nations’ Oil for Food Program.
About 129 Indian firms were among the 2,400 firms that paid Saddam such as Ajanta Pharma, Alembic Chemicals, Godrej Boyce, Kirloskar Brothers and Tata International.
According to the Volcker report, Iraq selected oil recipients, including prominent pro-Iraq global voices, who were ‘non-contractual beneficiaries’.
Volcker report had named Jammu and Kashmir Panther’s Party leader Bhim Singh, the Congress party, Reliance and Natwar Singh are the four ‘non-contractual beneficiaries‘ from India.
The report says Natwar Singh and the Congress party sold their oil vouchers to a Swiss oil trading company, Masefield AG.
These are the major names who have find place in the Volcker Report –
K. NATWAR SINGH: Former external affairs minister is accused of having got illegal oil vouchers from Iraq.
ANIEL MATHERANI: A member of the Congress delegation, he says Natwar was wholly responsible.
ANDALEEB SEHGAL: Natwar introduced Sehgal, Jagat’s cousin and business partner, to execute the deals.
JAMIL SAIDI: Former Congress leader denies his role, but claims Jagat and Sehgal were involved.
JAGAT SINGH: Charged with using his father’s connections to strike deals in league with Andaleeb Sehgal.
ADITYA KHANNA: Saidi also named the London businessman being probed by Enforcement Directorate. Khanna admits he knows Jagat and Sehgal but denies business dealings.
Bhim Singh: the Jammu and Kashmir National Panthers Party chief, was also named as the ‘non-contractual beneficiaries’ from India.