Volvo agrees to penalty over Iraq Oil-for-Food


WASHINGTON, March 20 (Reuters) - Swedish truck and vehicle maker Volvo AB has agreed to pay a $7 million penalty as part of an agreement with the U.S. Justice Department in connection with a probe of the U.N. Oil for Food program for Iraq, the Justice Department said on Thursday. Under the agreement, Volvo acknowledges responsibilities for the actions of its subsidiaries, Renault Trucks SAS and Volvo Construction Equipment AB, who are accused of violating the Foreign Corrupt Practices act. ...

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