Volcker: PM stands by Natwar

In the middle of the controversy over charges that he received benefits from Oil-for-Food programme for Iraq, External Affairs Minister K Na...

In the middle of the controversy over charges that he received benefits from Oil-for-Food programme for Iraq, External Affairs Minister K Natwar Singh today found support from Prime Minister Manmohan Singh. The PM, in a statement, said the evidence presented by the Volcker Committee against the minister was 8216;8216;insufficient8217;8217; to arrive at any 8216;8216;adverse conclusion8217;8217;.

The committee has accused a Swiss Company of paying kickbacks for rights to buy oil from Iraq under the UN Oil- for-Food programme OFFP.

The Prime Minister, however, refused to comment on the role of Natwar8217;s son Jagat Singh, who is said to have visited Iraq a number of times between 1999 and 2002.

8216;8216;The Prime Minister agreed that the facts mentioned in Table-3 of the report of the independent inquiry committee Volcker are insufficient to arrive at any adverse conclusion against the External Affairs Minister and stands by him,8217;8217; PM8217;s Media Advisor said in a statement.

Volcker had in its report named Natwar Singh and the Congress among the beneficiaries of the Iraqi oil sales in 2001. Natwar, who was in Frankfurt on his way back from Moscow said the allegations were 8216;8216;baseless and untrue8217;8217;.

BJP and JDU had yesterday demanded the resignation of Natwar Singh in the wake of the allegations.

The CPIM, however, has called for an investigation into the matter. 8216;8216;In this connection, names of a number of Indian companies along with the Congress Party and the Foreign affairs minister are mentioned. The Government of India should investigate the matter,8217;8217; the party said in a statement.

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Meanwhile, Swiss energy trading firm Masefield AG has organised a legal team to examine the Volcker report.

The firm8217;s headquarters in Zug, Switzerland, was closed today, though an official there, who spoke to The Indian Express on condition of anonymity said, 8220;Our company is aware of the report and we are studying it. We are not in a position to comment on it at this stage as the points made in the report are still being taken into account. As far as I know, a legal team from our London office began making a preliminary report two days ago.8221; There was no response from the firm8217;s London office, its principal trading support centre.