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Tyco receives SEC subpoena for oil-for-food programme

NEW YORK (Bloomberg) ? Tyco International Ltd., a conglomerate that operates hundreds of subsidiaries, said it received a US Securities and Exchange Commission subpoena for information about any participation in the United Nations? Iraq oil-for-food programme.

The Bermuda-based company will cooperate in any investigation, Tyco said in a regulatory filing yesterday. The SEC made a request on January 31 for additional documents regarding three of Tyco?s businesses. The probe started in November 2004, Tyco said. The UN began the oil-for-food programme to let former Iraqi dictator Saddam Hussein use oil revenue to buy food and medicine. Investigators in the US Senate have said Hussein stole $21.3 billion through the programme, which was supposed to support UN sanctions on Iraq from 1996 to 2003.

Tyco is the world?s biggest maker of fire and security systems, electronic connectors and industrial valves. Its healthcare division is the second biggest maker of disposable medical products such as syringes behind Johnson & Johnson. In the fourth quarter, the company spent $8 million on break-up preparations, the filing said.