STATEMENT FOR THE PRESS

June 15, 2004 – The Independent Inquiry Committee into the United Nations Oil-for-Food Programme (the “IIC”) today announced the appointment of its senior staff and certain organizational arrangements.

STAFF

Mr. Reid Morden has been appointed Executive Director responsible for the overall direction and coordination of the Inquiry staff, including primary responsibilities for liaison with governments.

Mr. Morden, capping a career in the Canadian Foreign Service, was Deputy Foreign Minister in the mid-1990’s. Earlier he served four years as Director of the Canadian Security Intelligence Service. On leaving Foreign Affairs Mr. Morden became President and CEO of Atomic Energy of Canada, Ltd., Canada’s national nuclear company. Subsequently, he was Managing Director of the Canadian arm of Kroll Associates, the international investigation firm, and later became Chairman of KPMG Corporate Intelligence Inc.

Mark Califano, Esq. and Michael Cornacchia,Esq., have been appointed to serve as Chief Legal Counsel and Chief Investigative Counsel respectively, and will be principally responsible for leading the Inquiry’s investigation.

Both Mr. Califano and Mr. Cornacchia have been in private practice, but latterly have served for a number of years as Assistant United States Attorneys. In that capacity they have had extensive experience with investigating complex financial fraud and corruption matters with international aspects.

Mark Califano has served as senior computer crime prosecutor and lead counsel in money laundering and terrorism matters for the U.S. Attorney’s Office for the District of Connecticut.

Prior to his appointment, Michael Cornacchia served as Senior Litigation Counsel for the Office of the U.S. Attorney for the Eastern District of New York as well as a deputy chief in its Criminal Division. While in these positions Mr. Cornacchia directed major investigations into corporate and securities fraud, and public corruption.

Mr. Frank Hydoski is Chief, Forensic Services, with principal responsibility for developing and analyzing the large amount of records within the United Nations itself and held by its suppliers related to the Oil-for-Food Programme, as well as those held by ministries of the Iraqi government.

Mr. Hydoski was the founding partner of the Forensic Technology Solutions practice of Pricewaterhouse Coopers LLP. He served as lead PWC partner in the massive forensic investigation into the accounts of Holocaust victims in Swiss Banks by the ICEP (the so-called “Volcker Commission”).

Mr. Laurent Kasper-Ansermet has been appointed Chief Investigation Officer, Europe, and will be concentrating particularly on European and other areas outside North America from a small Paris office.

Until July 1, Mr. Kasper-Ansermet, a Swiss national, will remain in his elective position as Juge à la Cour de Justice in Geneva. Previously, after experience in banking and law, he served as investigating magistrate for the Canton of Geneva for a number of years, involved with both fraud and money laundering cases.

Susan Ringler, Esq., will serve as Counsel to the Committee. Among other duties related to the investigation, she will be, responsible for setting and enforcing guidelines for the investigation, including appropriate interviewing procedures and relations with national investigative bodies.

Ms. Ringler most recently has been with the investigatory arm of the World Bank. For several years, she participated in the Central and East European Initiative conducted by the American Bar Association in cooperation with the U.S. Department of Justice. Earlier in her career, she was an Assistant United States attorney concerned with complex corruption and money laundering cases.

Drawing in part on widespread expressions of interest, recruitment is underway for experienced investigative and forensic personnel from throughout the world. The aim is to achieve a professional staff coupling international diversity with investigatory, accounting, and financial experience.

INVESTIGATORY MATTERS

Preliminary investigation is underway in priority areas. These concern the allegations of corruption and maladministration within the U.N., its relationships with certain contractors, and the performance of the contractors themselves.

To facilitate the overall effort, a Memorandum of Understanding has been reached with the Iraqi Bureau of Supreme Audit and the Coalition Provisional Authority. The Bureau of Supreme Audit and the CPA have contracted with the international accounting firm of Ernst & Young LLP to identify and organize important Iraqi records with respect to the OFFP. The IIC’s access to those records will be provided by a close working relationship with Ernst & Young. The IIC anticipates that this cooperation will continue after the assumption of sovereignty by the newly appointed Iraqi authorities. To that end, a small Baghdad office is contemplated.

ADMINISTRATION

Those with information relevant to the investigation are invited to inform the Committee. It can be contacted by e-mail (info@iic-offp.org) or by telephone (+1 877-442-3500). The IIC maintains a website at www.iic-offp.org.

With the appointment of the senior staff, Mr. Stephen Zimmermann who has served as acting Chief of Staff is returning to his regular position as Chief of the Office of Institutional Integrity for the Inter-American Development Bank. He has been of enormous help to the IIC in organizing its work and initiating its investigation. The members of the IIC extend to him their great appreciation and also thank the IDB for making him available on short notice.