‘Vultures’ expose corruption

[emad]

"American bankers have managed to find out more about corruption in Africa than Scotland Yard and FBI"


From The Sunday Times
June 15 2008
Hedge funds lift the lid on African deception
Tony Allen-Mills

ON a spring morning in Paris three years ago, a young African oil executive went on a shopping spree. He spent £1,600 at Escada on the Avenue Montaigne, and £3,700 a few doors down at Christian Lacroix. A couple of weeks later he spent £4,000 at Ermenegildo Zegna and £3,200 at Louis Vuitton.

By the end of 2005, Denis Christel Sassou-Nguesso had charged more than £112,000 to his personal Hong Kong-issued credit card, up from £64,000 the previous year.

Last August Mr Justice Stanley Burnton dismissed an attempt by Sassou-Nguesso in the High Court to suppress publication of his credit card bills. Last month he lost a related action in Hong Kong.

So why is Sassou-Nguesso such an embarrassment for several prominent British and French companies – not to mention the celebrities and politicians, among them Gordon Brown, who have argued so vociferously for poor African countries to be forgiven their international debts?

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4138445.ece

[On the Road]

1. You Never Know Where Stuff is Going to Come From

Africa is getting its act together in democracy. Corruption should be next on the list.

Although IMO corruption is not a reason to enforce debt payments that are still virtually unpayable.