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SAUDI ARABIA: Company Associated with Saudi Prince Linked to Oil-for-Food Scandal

Documents, including a Pentagon audit, found $8 million in overpricing in the sale of agricultural products to Saddam Hussein by a company tied to Prince Bandar bin Mohammed bin Abdulrahm al-Saud.

by Niles LathemNew York Post
April 30th, 2005

A Saudi prince has been linked to shady financial dealings in the United Nations' oil-for-food program, according to new evidence disclosed yesterday by a congressional committee.

Documents, including a Pentagon audit, found $8 million in overpricing in the sale of agricultural products to Saddam Hussein by a company tied to Prince Bandar bin Mohammed bin Abdulrahm al-Saud.

Investigators from the House Oversight and Investigations Subcommittee are looking for evidence the money was kicked back to Saddam's regime.

 

"It was through overpricing of the goods that kickbacks were paid to Iraq by inflating the prices of goods and kicking back the difference to Saddam's henchmen," said committee chairman Dana Rohrabacher (R-Calif.).

Evidence presented at a hearing yesterday showed the prince owned a firm tied to another company, Al Riyadh International Flowers, which had more than 40 deals with Iraq under oil-for-food.





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