Monday, November 7 2005 15:20 Hrs (IST) - World Time -

New Delhi: Seizing on the admission of Paul Volcker whose report has landed him at the centre of a political storm, that he had shielded the UN Secretary General Kofi Annan, External Affairs Minister K Natwar Singh today (Nov 07, 2005) said that this only confirmed what he has always maintained that the report was 'meaningless' and without any credibility.

Volcker, former Chairman of the US Federal Reserve, is quoted by sources saying that he had agreed to change the language of his controversial report on Iraqi oil-for-food scandal that referred to Annan's son Kojo's business dealings. He had felt 'uncomfortable' when he realised that Annan's job hung on his words and had therefore agreed to change the language of the report.

"I have steadfastly maintained that the Volcker report had no validity. This is underlined by his own admission now. The report was and is meaningless more so after what Volcker himself has conceded", the Minister told sources.

Shortly after the announcement, 81-year old Pathak, who relinquished the office of the Chief Justice of India in 1989 on his appointment as a judge of the International Court of Justice, said it will be a one-man commission which will probe into the entire findings of Volcker report.

"I will inquire into the issue that arises out of the Volcker report concerning the two entities named there; the Congress party and Natwar Singh," he said.

The entire objective, Pathak said, "will be to find out what is the truth."

Asked if the commission would restrict its probe only in India or extend beyond the country, he said, "We will have to consider all the legalities."

Natwar Singh on his part maintained that there was no question of his stepping down from government. "What should I resign for? The (Volcker) report has no validity and as I have said it is meaningless". Reacting to Volcker's admission that he had shielded UN Secretary General Kofi Annan by agreeing to change the language of his controversial report that referred to Annan's son Kojo's business dealings, Singh said he has always maintained that the document was without any credibility.

Insisting on a CBI probe, the opposition said it would seek President APJ Abdul Kalam's intervention for removal of the External Affairs Minister and registration of criminal cases in the matter.