Ex-Volvo Execs Fined Over Iraq Oil-For-Food Bribes

Law360, New York (April 4, 2012, 2:05 PM EDT) -- Two former Volvo AB executives found guilty of violating United Nations Oil-for-Food Program restrictions by bribing Saddam Hussein-era Iraqi officials for contracts were slapped with respective fines of $18,000 and $9,000 by a Swedish court on Tuesday, according to Swedish publication The Local.

Rune Lundberg and Håkan Nirstedt, the two ex-officers at Volvo subsidiary Volvo Construction Equipment International AB, were also given suspended sentences by the Eskilstuna District Court on Tuesday after being convicted of offering 24 million kroner ($3.6 million) in bribes to members of...
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