Christophe de Margerie
Posted on 10/22/2006 4:52:31 PM PDT by BenLurkin
PARIS, France (Reuters) -- French oil major Total SA's head of exploration and production Christophe de Margerie is being investigated by a French judge in a probe related to the scandal-plagued U.N. oil-for-food programme in Iraq. Margerie, who is due to succeed Thierry Desmarest as chief executive, was put under formal investigation by a French judge on Thursday after being held in custody for 48 hours in Paris and then released.
In a statement released on Total's Web site on Thursday night the group said it would like to "reassure Mr de Margerie of its total support". Citigroup analysts said in a note the investigation "does not affect de Margerie's ability to run the upstream business and, in fact, he is due to visit China next week with the French President".
Investors seemed unmoved by the news, with Total shares adding almost 1 percent to 53.70 euros by 0904 GMT, broadly in line with the DJ Stoxx oil and gas index's 1.2 percent gains. Total said in its statement that "at no time did the group circumvent the United Nations embargo against Iraq and strictly adhered to the rules of the oil-for-food programme organised under the control of the United Nations." "All oil acquired by the company, without exception, was purchased officially with the required authorisation under the U.N. within the framework of the oil-for-food programme put in place in 1996," it said. "The group has never purchased, either directly or indirectly, oil that has been smuggled illegally from Iraq," it added.
The $67 billion oil-for-food programme has been under various investigations for more than two years after revelations of bribes, kickbacks and oil smuggling. The programme began in 1996 under Saddam Hussein and ended after the U.S.-led invasion in 2003.
(Excerpt) Read more at cnn.com ...
Christophe de Margerie
O-F-F ping :)
VERY interesting. Total-Fina-Elf was in this up to its eyebrows. But I thought they were bullet-proof in France.
Will Chirac be next?
There could be Canadian ramifications, too, since Chretien's son-in-law was the biggest stockholder in the firm--one reason why Chretien opposed any action in Iraq.
Can I ask a stupid question?
How many of the people from the UN who profited from Oil for Food were ever arrested or prosecuted, and what ever happened to the UN investigation?
I think one or two scapegoats lost their cushy jobs.
Otherwise, as far as I know, there have been no consequences at all.
That's why I find it astonishing that a French judge is now stirring this up. This case rises to the highest levels imaginable. It's as if an American prosecutor suddently went after the clintons for selling nuclear and missile secrets to China.
"UN investigation" you HAVE to be kidding!
Don't know about who from the UN, but from the outside, at least one in the US has been convicted - Tongsun Park - and one more that I'm keeping an eye out for will face trial on March 26, after a couple of previous postponements, Oscar Wyatt.
Fun "5 degrees of separation" lineage here - start with Total SA > Ultramar Diamond Shamrock > Valero > Coastal > Wyatt.
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