Hachette is taking legal action against Coleridge after comments attributed to him in the Standard's Londoner's Diary column suggested that the former Iraqi leader profited from sales of fashion and beauty magazine Elle, a rival to Conde Nast's Vogue.
On February 28, the column quoted Coleridge as saying: "Advertisers will be horrified to know that 2% of every dollar they give to Elle goes straight into Saddam's bunker."
The French publisher is understood to be seeking substantial damages and has served a writ preventing Coleridge from repeating the claim.
In a letter in today's Standard, Coleridge explains that Hachette has, through its solicitors, "taken exception" to his words and told him that although the former Iraqi leader did indeed own a 2% stake in Lagardere SCA, owner of Hachette, the shares have been frozen by the company and the UN since 1991.
The stake was held in Lagardere by the former Iraqi regime through an investment vehicle called Montana Management, which was used to channel secret Iraqi funds abroad.
In the letter, Coleridge defends the comment as being part of a longer quote in which he questioned, among other things, "how interested Hussein was in make-up tips".
He ended his letter to Standard by writing: "My words were never intended to be taken too seriously and I am happy to accept [Hachette's] assurances, in light of which I sincerely apologies for any distress caused. I am pleased to confirm none was intended."
Hachette has said it will donate any libel damages from the action to a charity for Iraqi children.
Hachette is not taking action against the Evening Standard after it published an "entirely satisfactory" apology in its diary column on April 3, according to reports.
As well as Elle, Hachette publishes Red magazine, Sugar and TV Hits in the UK and is run by chief executive Kevin Hand, previously head of Emap.
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