Akzo Settles Oil-For-Food Charges

Law360, New York (December 20, 2007, 12:00 AM EST) -- Dutch company Akzo Nobel NV has agreed to pay up to $3.75 million to settle allegations that two of its subsidiaries paid illegal kickbacks to the Iraqi government under the United Nations' scandal-plagued oil-for-food program.

Under the settlement, which was announced Thursday, Akzo Nobel will pay the U.S. Securities and Exchange Commission $750,000 in civil penalties and about $2.2 million in disgorgement of profits.

Within the next six months, Akzo Nobel subsidiary NV Organon is expected to reach a resolution in which it will pay a...
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