Newspaper article The Evening Standard (London, England)

Weir Still in the Dark over [Pounds Sterling]4.2m Black Hole in Iraqi Contracts

Newspaper article The Evening Standard (London, England)

Weir Still in the Dark over [Pounds Sterling]4.2m Black Hole in Iraqi Contracts

Article excerpt

Byline: STEVE HAWKES

ENGINEER Weir today admitted it may never know whether [pounds sterling]4.2 million of "uplift" payments made on a series of Iraqi contracts helped to fund the regime of former dictator Saddam Hussein.

Chief executive Mark Selway said an internal investigation into kickbacks on 15 contracts had so far been unable to track down the beneficiary.

He added: "I don't think we'll ever know where the money ended up."

Weir sensationally revealed last month that it was caught up in the row over kickbacks to the ousted leader after discovering it had overpaid on deals struck by a Middle Eastern intermediary in the late 1990s.

Selway today said Weir had not lost a single customer because of the controversy and added that, while the investigation was ongoing, it had ruled out any other deal or part of the business from the scandal.

Weir supplies water pumps and valves to companies operatingin the oils, minerals and chemicals industries and booked [pounds sterling]6. …

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