Tuesday, January 11, 2005

Gulf War Victims Overpaid by $5bn: Report

Here's an under reported little newsbit from the UN audit by Volcker.

The 19 audits of the Geneva-based UNCC, carried out by the UN Office of Internal Oversight Services (OIOS) from July 1997 to December 2004, do not identify any corruption. But the audits raised questions, mainly about evidence in approving awards for damages, and concluded overpayments had been made. Along with exchange rate and other issues, the audits pointed to a total overpayment of some $5 billion, officials said.
And what does the UN say:
“The Governing Council has consistently taken the position that substantive decisions are not within the purview of the OIOS auditors,” said UNCC spokesman Joe Sills.

A diplomatic source who closely follows the UNCC said: “This is a most unfortunate development... It would be a shame if the UNCC were unfairly tainted and becomes an innocent collateral victim of the real scandal — what happened at oil-for-food.”

I'll bet there are quite a few publicly traded companies out there that would like to be able to respond in this matter and that's private money. Why is a government funded institution not subject to external independent audits? Unbelievable!!

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