Financial Daily from THE HINDU group of publications
Wednesday, Nov 09, 2005
Financial Daily from THE HINDU group of publications Wednesday, Nov 09, 2005 |
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Corporate
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Announcements No communication from UN, says Tata International Our Bureau
Mumbai , Nov. 8 TATA International has said it has not received any communication from the UN or its committee on the reference made about the company's transaction in the Volcker report. In a statement issued today, a spokesman for the company said the Volcker Report on Iraq's `oil-for-food' programme has been in public domain for a while and the report refers, inter alia, to certain transactions of Tata International Ltd. He said tata International has not received any communication from the UN or its committee in this regard. The statement said:"Tata International had supplied goods of various Tata companies under the UN approved `oil for food' Programme. All the contracts were properly approved by the UN committee monitoring this programme. In the year 2000, the Iraqi Authorities had imposed `inland transportation fees' and `after sales service fees' on all the contracts. "Tata International had no reason to believe there was anything illegal or illicit in such payments. All the contracts were duly approved by the Iraqi Government as well as the UN committee monitoring this programme.
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