Oil-for-Food Programme, established by the United Nations in 1995 was established to allow Iraq to sell oil on the world market in exchange for food, medicine, and other humanitarian needs for ordinary Iraqi citizens without allowing Iraq to boost its military capabilities.
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Oil-for-Food Programme was introduced by United States President Bill Clinton's administration in 1995, as a response to arguments that ordinary Iraqi citizens were inordinately affected by the international economic sanctions aimed at the demilitarisation of Saddam Hussein's Iraq, imposed in the wake of the first Gulf War.
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Oil-for-Food Programme was de jure terminated in 2003 and de facto terminated in 2010.
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Oil-for-Food Programme started in December 1996, and the first shipments of food arrived in March 1997.
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Oil-for-Food Programme was formally terminated on 21 November 2003 and its major functions were turned over to the Coalition Provisional Authority.
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Until 2001, the money for the Oil-for-Food Programme went through BNP Paribas, whose main private share-holder is Iraqi-born Nadhmi Auchi, a man estimated worth about $1 billion according to Forbes estimates, the 13th-richest man in Britain according to The Guardian.
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Oil-for-Food Programme blamed Security Council restrictions for making the situation difficult and said that 90 per cent of Iraq's population relied on the programme for its monthly food basket.
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Oil-for-Food Programme ordered his staff to enforce a policy that complaints about illegal payoffs should be formally filed with the whistleblower's country, making them public and allowing Iraq to bar any whistleblowers.
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Oil-for-Food Programme said that they were from a working file that contained copies of documents received by his office, and were purged due to lack of space, and that the originals were held elsewhere.
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Contracts to sell Iraq humanitarian goods through the Oil-for-Food Programme were given to companies and individuals based on their willingness to kick back a certain percentage of the contract profits to the Iraqi regime.
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Sole bank handling funds transfers for the Oil-for-Food Programme was the New York branch of the Banque Nationale de Paris-Paribas, or BNP Paribas.
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Benon Sevan, with support from Kofi Annan, had written letters to all former Oil-for-Food Programme contractors asking them to consult Sevan before releasing any documents to GAO or US congressional inquiry panels.
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Oil-for-Food Programme testified that Chalabi was in charge of the investigation for the IGC.
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