'Deeply Offensive and Utterly Untrue' is based on the report of the 2006 'Inquiry into certain Australian companies in relation to the UN Oil-For-Food Programme' commonly referred to as the 'Cole Inquiry'. The Inquiry investigated 'whether decisions, actions, conduct or payments by Australian companies mentioned in the Volcker Inquiry into the United Nations Oil-for-Food Programme breached any [Australian] Federal, State or Territory law'.