$18 Million Fine for Bribes to Saddam’s Iraq

WASHINGTON (CN) - Agco Corp., a Georgia agricultural equipment firm, will pay $18.3 million to settle an SEC complaint that it paid nearly $6 million in kickbacks to Saddam Hussein's Iraq under the United Nations Oil for Food Program. Agco hid its bribes as "ministry accrual" and "after sales" work, and warned in an internal email, "We do not want the auditors raising any questions on Iraq business!" the SEC said.

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