The chief of the United Nations Oil-For-Food program has been accused of “ethically improper” activities, as the first report from Paul Volcker is released: Report Criticizes Oil-For-Food Program.

NEW YORK - A sweeping investigation of the U.N. oil-for-food program accused program chief Benon Sevan of a conflict of interest, saying Thursday his conduct in soliciting oil deals was “ethically improper and seriously undermined the integrity of the United Nations.”

Although Sevan said he never recommended any oil companies, the investigation led by former U.S. Federal Reserve Chairman Paul Volcker concluded that he repeatedly solicited allocations of oil from Iraq under the program and “created a grave and continuing conflict of interest.”

Volcker also said there was “convincing and uncontested evidence” that the selection of the three U.N. contractors for the oil-for-food program — Banque Nationale de Paris, Saybolt Eastern Hemisphere BV and Lloyd’s Register Inspection Limited — did not conform to established financial and competitive bidding rules.

You can read the report yourself by clicking here. (PDF, 3.2 MB. Hat tip: Beagle.)