In 2007, El Paso entered into a Non-Prosecution Agreement with the United States Attorney for the Southern District of New York to resolve criminal charges filed against it in relation to the UN Oil-for-Food scheme. According to the agreement, El Paso agreed to forfeit to the United States $5,482,363, "representing the benefits provided to the former Government of Iraq as a result of El Paso's conduct [ ] It is the intent of the United States Attorney's Office for the Southern District of New York to seek the transfer of these funds to the Development Fund of Iraq [ ] to be used as restitution to the people of Iraq as the intended beneficiaries of the proceeds of the sale of all Iraqi oil made pursuant to the United Nations Oil-for-Food Program." (Source: El Paso Corporation Non-Prosecution Agreement, February 5, 2007.)
In 2007, El Paso Corporation entered into a Non-Prosecution Agreement with the United States Attorney for the Southern District of New York to resolve criminal charges filed against it. (Source: El Paso Corporation Non-Prosecution Agreement, February 5, 2007.)
The prosecuting authority/civil attorney(s) was the United States Attorney for the Southern District of New York.
Contributing factors in asset recovery were the United States Attorney for the Southern District of New York and El Paso's Non-Prosecution Agreement included a provision for forfeiture of funds which were then transferred the Development Fund of Iraq "to be used as restitution to the people of Iraq asthe intended beneficiaries of the proceeds of the sale of all Iraqi oil made pursuant to the United Nations Oil-for-Food Program." (Source: El Paso Non-Prosecution Agreement dated February 5, 2007.)
Assets returned
Forfeited funds returned to people of Iraq via Development Fund of Iraq
| Document Title | Size and Format | Document Type | |
|---|---|---|---|
| El Paso SDNY Non-Prosecution Agreement Feb 2007 | 252.89 KB pdf | Asset Return Agreement/MOU | Download |