Posted May 08, 2007 01:32 pm CDT
Chevron is negotiating a plea deal that includes at least $25 million in fines and an acknowledgment that it should have known kickbacks were being paid to Saddam Hussein in an oil-for-food program.
Chevron was one of five companies that bought oil from Iraq as part of a United Nations program to ease the effects of sanctions imposed after the Gulf War.
Chevron will not admit that it violated the sanctions, according to details of the deal reported by the New York Times. The agreement is being worked out with a task force formed by the U.S. Attorney for the Southern District of New York and the Manhattan district attorney.