Asset Recovery Watch

ARW-58
El Paso Corporation
United States
Iraq [Development Fund for Iraq], United States
Undertaking Recovery Effort, Location of Recovery Effort (United States)
2005
2007
Criminal Prosecution and Restitution
Unknown
Unspecified
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.)
Completed
Assets Returned to Victim or Requesting Jurisdiction
$5,482,363
Yes
Forfeited funds returned to people of Iraq via Development Fund of Iraq

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.)

NA
NA
NA
Federal Bureau of Investigation, Securities and Exchange Commission, Office of Foreign Assets Control (Department of the Treasury)
United States Attorney for the Southern District of New York
N/A