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2005-10-28 News Headlines Business

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Atlas Copco comments on the UN Oil-for-Food Program report

Internal investigations have verified that there were no payments made to the Iraqi Government by Atlas Copco Airpower.

The Independent Inquiry Committee released its final report on Program Manipulations within the UN's Oil-for-food Program yesterday. Atlas Copco is one of some 2 200 companies mentioned in the report.

Atlas Copco Airpower in Belgium has been subject to an investigation by the Committee, both in terms of responding to written questions and a meeting with investigators. The processes for the contract handling under the Program, all formally approved by the United Nations (UN) for payment by Letter of Credit, have been explained in detail.

Internal investigations have verified that there were no payments made to the Iraqi Government by Atlas Copco. Atlas Copco has strongly objected to the assumption made by the Committee indicating a responsibility for the activities of the agent in Iraq at the time.

A world leader in compressors, generators, construction and mining equipment, industrial tools, assembly systems and equipment rentals, Atlas Copco will continue its investigation of this matter and take this opportunity to stress that payments by Atlas Copco of the nature now in question are in direct conflict with the Atlas Copco Group's written Business Code of Practice, and are never tolerated.

Find information about Atlas Copco.

Atlas Copco is an international industrial Group with its head office in Stockholm, Sweden. In 2004, the Group had revenues of approximately BSEK 49, with 98% of revenues outside Sweden. The Group has more than 25 000 employees. The Group produces and markets compressed air equipment and generators, construction and mining equipment, industrial tools, and assembly systems and offers related service and equipment rental. The Atlas Copco Group includes famous brands such as Atlas Copco, RSC Equipment Rental, and CP.

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