Trading with the enemy
Charles “Chip” Waterhouse Goodyear IV was with BHP Billiton from 1999 until September 30th 2007.
Goodyear was with BHP back when Saddam Hussein was still in power. In fact, BHP was negotiating with Iraqi oil ministry officials for rights to develop oil fields in southern Iraq – once sanctions were lifted.
The deal was complicated, corrupt, and illegal.
According to Andrew Lindberg, head of the Australian Wheat Board (AWB) “BHP had paid AWB for the wheat on behalf of Iraq in exchange for the grant of oil exploration rights in Iraq.”
In other words, Goodyear’s BHP was bribing Iraq with Australian wheat for oil.
Goodyear’s BHP was trading with the enemy.
In 2001, Goodyear’s BHP handed responsibility for the wheat bribe to a BHP “front,” Tigris Petroleum, which was quietly incorporated in Gibraltar, and conveniently run by two “former” BHP employees. Tigris approached AWB to recover the “debt” which came to $7.8 million.
According to Lindberg, “It was agreed between AWB and IGB [Iraqi Grains Board] that the Tigris debt would be repaid by the inclusion of an amount in the contract price of wheat supplied by AWB to Iraq until the debt was extinguished.”
Lindberg’s words “inclusion of an amount” means illegally overcharging for the wheat.
The $7.8 million “debt” was allegedly hidden in two inflated wheat contracts given to the UN oil-for-food scheme.
In this way, Goodyear’s BHP bribe money was stolen from the UN’s account designated to fund humanitarian shipments of food and medicine to Iraqis suffering under the UN sanctions.
Goodyear’s BHP wanted to get its bribe money back even at the expense of human suffering in Iraq.
To hide this illegal arrangement, AWB set up a “sham” services agreement, under which it paid Tigris Petroleum $7.8m out of the stolen UN funds – the exact amount owed to BHP.
In the continuing fallout from the Iraq oil-for-food scandal, in 2006, Goodyear’s BHP was reported in the press saying: “We did not participate in the oil-for-food program or participate in any oil and gas transactions with the Hussein regime.”
No, Goodyear’s company let its surrogate, Tigris Petroleum, do the dirty work for it.
Goodyear himself told the company’s annual meeting that BHP was “reviewing” its deals with Tigris Petroleum. He has said little else on the matter.
With his connections, CIA, or otherwise, Goodyear was able to avoid any personal or company damage over the matter. Goodyear finally squirmed out of the accusation, as his buddies in the USA and UN said it the deal had involved only a “soft bribe.” A “soft bribe,” and what is that? Apparently, it is a just a plain old bribe, but made by a well-connected person, such as Goodyear.
Goodyear left BHP in 2007, and cooled it for a couple of years, retiring to his dingy office in a run-down part of New Orleans. (Which we covered in a prior post).
Goodyear resurfaced in February 2009 when he was appointed head of Singapore’s sovereign wealth fund, Temasek Holdings.
Certainly Singapore should have known about Goodyear’s BHP activities in Iraq, and of the theft of funds from the United Nations – or didn’t Singapore care? Maybe Singapore did care, as Goodyear was fired from Temasek Holdings on July 22 of this year, but with no explanation.
Once again the talented Mr. Goodyear has disappeared from view.
Today, three members of Singapore’s have tabled questions on the matter, and there will be some polite debate.
Odds are that Singapore won’t be getting at the truth.
Author’s note: Due to our following of the health care debacle in the US, we had not intended to publish this article. However, we received a comment, that addressed the facts of Goodyear’s BHP involvement with Iraq. This very informative comment prompted us to publish this article at this time. A revealing interview of Goodyear on this affair appears on website of the 7:30 Report.