Friday, September 30, 2005
African Leaders Can't Count, But People Still Know They're Lying
We have heard of the Pentagon's undeclared budget or the White house's slash funds and the like here in the US. But, in Africa and in this case, in Uganda - the military budget has a standing $ 1 million dollar allocated for dead or none-existent soldiers, some of whom were deserters and no longer serve in the army. What are the funds used for - read on to find out by clicking at the link above.
Thursday, September 29, 2005
Nigerian police rearrest Abacha's son
This is real TV drama with out professional actors. The plot is money being looted from the treasury of the most populous nation in Africa. But the drama includes murder, arrest, incarceration, release and re-arest of the son of the former Nigerian ruler, Gen. Abacha. The general is accused of looting a Billion dollars from the Nigerian treasury and stashed it away in European banks. Please read on..the tragedy in Africa continues many times over... more to come..
Tuesday, September 27, 2005
Switzerland to give back Abacha millions
Switzerland is to give Nigeria back hundreds of millions of dollars of embezzled state funds stashed away in the country's banks by former military ruler General Sani Abacha.
Swiss banks will be ordered to return $535m under an out-of-court settlement between the Nigerian authorities and General Abacha's family and business associates, the Swiss Federal Justice Department said.
Under the deal, a total of around $1bn will be transferred to Nigeria from banks around the world, the ministry said in a statement on Wednesday.
In return, the country's authorities have said they will drop criminal proceedings against members of the former leader's family.
Disputed funds
General Abacha, who died of an apparent heart attack in 1998, was accused of stealing some $3bn from state funds in the oil-rich country.
Under the settlement, his family will be allowed to keep $100m of the disputed cash.
These funds were acquired before General Abacha began his five-year rule in 1993 and "demonstrably do not derive from criminal acts", the statement said.
Accounts frozen
Nigeria asked Switzerland in 1999 to help uncover the financial network it suspected that Mr Abacha had established.
In response, the Swiss authorities froze around $670m in bank accounts belonging to Abacha, his son Mohammed, widow Mariam and other relatives.
Suspicious money was also discovered in Liechtenstein, Luxembourg and Jersey, and Britain has found traces of around $1.3bn thought to have been handled by domestic banks for General Abacha's family and friends.
The Swiss ministry said that the funds to be repaid - currently frozen in various bank accounts abroad - would be transferred to the Bank for International Settlements in Basel.
Source: BBC
If you want to see the picture of Gen. Abacha, please click at the link at the top of the page.
Swiss banks will be ordered to return $535m under an out-of-court settlement between the Nigerian authorities and General Abacha's family and business associates, the Swiss Federal Justice Department said.
Under the deal, a total of around $1bn will be transferred to Nigeria from banks around the world, the ministry said in a statement on Wednesday.
In return, the country's authorities have said they will drop criminal proceedings against members of the former leader's family.
Disputed funds
General Abacha, who died of an apparent heart attack in 1998, was accused of stealing some $3bn from state funds in the oil-rich country.
Under the settlement, his family will be allowed to keep $100m of the disputed cash.
These funds were acquired before General Abacha began his five-year rule in 1993 and "demonstrably do not derive from criminal acts", the statement said.
Accounts frozen
Nigeria asked Switzerland in 1999 to help uncover the financial network it suspected that Mr Abacha had established.
In response, the Swiss authorities froze around $670m in bank accounts belonging to Abacha, his son Mohammed, widow Mariam and other relatives.
Suspicious money was also discovered in Liechtenstein, Luxembourg and Jersey, and Britain has found traces of around $1.3bn thought to have been handled by domestic banks for General Abacha's family and friends.
The Swiss ministry said that the funds to be repaid - currently frozen in various bank accounts abroad - would be transferred to the Bank for International Settlements in Basel.
Source: BBC
If you want to see the picture of Gen. Abacha, please click at the link at the top of the page.
Nigeria recovers 'stolen' money
Here is the beginning of a story that has many to follow. The trail of looted money is hot and some of it is being recovered to the delight of all that have been working to see these kinds of days all over Africa. Please read on...
Saturday, September 17, 2005
Sorry for the long absence ......
I have been on a business trip overseas and was not able to post any articles, comments and links on the subject. I just got back on Friday and I will resume postings by Sunday.
A lot has happened over the last two to three weeks. Some of the highlights are the UN Summit and former President Clinton's roundtable on governance, poverty reduction and how the private sector can help eliminate these problems in the world. A lofty goal but in my view quite achievable if it prescribes a different approach and solutions than what has been done over the past forty years. I hope you will all join me in the discussion.
A lot has happened over the last two to three weeks. Some of the highlights are the UN Summit and former President Clinton's roundtable on governance, poverty reduction and how the private sector can help eliminate these problems in the world. A lofty goal but in my view quite achievable if it prescribes a different approach and solutions than what has been done over the past forty years. I hope you will all join me in the discussion.
Subscribe to:
Posts (Atom)
Posts
