RIL denies any wrong doing in oil-for-food deals

RIL denies any wrong doing in oil-for-food deals

http://www.financialexpress.com/fe_full_story.php?content_id=136421

RIL denies any wrong doing in oil-for-food deals
Posted online: Sunday, August 06, 2006 at 0000 hours IST

NEW DELHI, AUGUST 5:  Corporate giant Reliance Industries on Saturday
denied any wrong-doing in the United Nations’ oil-for-food programme
in Iraq, in which Justice R S Pathak Committee has indicted former
external affairs minister Natwar Singh and his son Jagat Singh.

Reacting to a demand for a thorough investigation into its role by
CPI-M general secretary Prakash Karat, RIL said in a statement that it
“has always followed national and international laws and norms in all
its dealings.”

RIL, along with over 100 Indian corporates, figured in the Volcker
Commission report last year as contractual and non-contractual
beneficiaries.

“The government of India and its various departments have always been
kept informed at every stage of our trade and other transactions with
foreign countries as required under the rules and regulations,” Mukesh
Ambani-controlled RIL said.

Earlier in the day, Karat pointed out that RIL had been named as one
of the beneficiaries, saying “it (Reliance) has got the maximum number
of oil vouchers. It has paid the maximum surcharge. But no
investigation has been carried out against it. I fail to understand
why.”

Meanwhile, sources indicated that Enforcement Directorate is looking
into every corporate and Indian company that was named in the Volcker
report. It has taken statements from the functionaries of a number of
these entities. Besides RIL, some of the Tata Group companies and
Bajaj Int’l, were among those listed in the report.

–PTI