Tuesday, May 24, 2005

Sponsorship loss may be an additional $100 million

"The total amount of money lost in the sponsorship scandal now appears to be $355 million -- more than $100 million than was originally thought.

"If you didn't like the sponsorship program to begin with, you've now got about a hundred million more reasons to not like it," CTV's Jed Kahane told CTV Newsnet on Tuesday.

The new figure of $355 million is from the forensic accounting firm, Kroll Lindquist Avey.

"They have in the past looked for money from such people as Saddam Hussein, the Marcos family, Manuel Noriega -- that sort of thing," Kahane said.

"They're used to looking far and wide for money."


Mr. G said...

Perhaps they ought look at this.

France's largest oil company - Lucrative oil deal with Saddam - "France’s largest oil company, Total (formerly TotalFinaElf) had negotiated lucrative oil contracts with the Hussein regime after Gulf War 1 to drill in Southern Iraq." (The Real Coalition of the Bribed and Coerced, GeoPoliticalReview, October 8, 2004). "These negotiations took place in anticipation of an eventual weakening or lifting of the economic sanctions imposed on Iraq, thereby allowing them to immediately execute said contracts worth approximately $650-billion. Without Saddam in power, those oil contracts would naturally be void, so France had incentive to keep him in power to maintain their competitive advantage. On a related note, the destruction of the homeland of the "Marsh Arabs" in Southern Iraq (much publicized after the fall of Baghdad) was reportedly done by Saddam at the bequest of Total representatives after coming under repeated attacks during their oil speculating endeavors in the region."

More is at European Review

9:44 AM  

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