OTHER NEWS - July 4, 1992

Mitsui Fined for False Statements: The exporter of agricultural products pleaded guilty to falsifying statements to the U.S. Department of Agriculture so the company could trade with Iraq. A U.S. District Court judge in Atlanta ordered Mitsui Inc. of New York to pay a $10,000 fine and $8.3 million in restitution to the USDA’s Commodity Credit Corp. The U.S. government had made loan guarantees in the 1980s and early 1990 to entice banks to advance Iraq money to buy American farm products. Iraq defaulted on payment for Mitsui products. The firm then falsified $230,000 of its more than $8-million loan guarantee. The government contended that the company should repay the USDA the entire guarantee amount because of the subterfuge involved.