St. Jude subpoenaed in Oil-For-Food Probe

St. Paul, MN-based St. Jude Medical was subpoenaed by the Securities and Exchange Commission (SEC) in an investigation of the UN oil-for-food program, according the medical device maker. More than 2,200 companies from around the world are accused in an October UN report of helping the Iraqi government cheat the UN program out of $1.8 billion, according to an Associated Press story. An Austrian arm of St. Jude was listed as paying $643,000 in kickbacks to secure a business deal with the Iraqi government, according to the subpoena. The company had $9.6 million in contracts for heart valves and other medical equipment as part of the UN program, according to the report. St. Jude officials said the company’s sales in the region were made through an independent Jordanian business. The SEC issued the subpoena in February, and St. Jude said it is cooperating. St. Jude spokeswoman Angela Craig said the company is investigating the allegations and will update the SEC when it’s done.