Luanda Leaks, a new investigation by the International Consortium of Investigative Journalists (ICIJ) and 36 media partners, exposes two decades of unscrupulous deals that made Isabel dos Santos Africa’s wealthiest woman and left oil- and diamond-rich Angola one of the poorest countries on Earth. Ms.
Namibia's Anti-Corruption Commission (ACC) has dropped an investigation into whether a new government independent sales company called Namib Desert Diamonds (Namdia) deliberately sold Namibian diamonds cheaply to Dubai-based firms, writes The Namibian, which first broke the story back in November 2016. The Namibian previously raised concerns that Namdia, tasked to sell stones worth over US$150 million (N$2.1 billion) per year as stipulated by a
India’s Prime Minister Modi today announced that the existing 500 and 1,000 rupee notes, the highest denomination notes in the country, will be taken out of circulation in 24 hours, to be replaced by new notes of the same denomination. The current notes will no longer be valid as of tomorrow, November 9. The bold measure is intended to combat counterfeiting, (tax) fraud and corruption by making the so-called “black money” visible. The abolished notes can be exchanged at banks until December 30.
Zimbabwe Consolidated Diamond Company (ZCDC) CEO Mark Mabhudu and Finance Director Stewart Musekiwa have been fired just months after being appointed. The two officials "allegedly misrepresented production forecasts" to government. There were also allegations of corruption and nepotism at the company, according to The Standard newspaper. The ZCDC, a merger of the companies mining in the Marange deposits, is failing to achieve the targets set for it, according to the report.
To raise public awareness on the Marcos' two-decades of plunder during martial law from 1965 to 1986, the Presidential Commission on Good Government (PCGG) on March 16 launched an online exhibit of selected pieces from the Hawaii jewelry collection, one of the three massive jewelry collections hoarded by Marcoses. This collection was seized by the US Bureau of Customs upon the Marcoses’ arrival in Hawaii in 1986 and is currently stored at the Bangko Sentral ng Pilipinas (BSP).
Transparency International (TI) is a NGO that monitors corporate and political corruption in international development. Its Corruption Perceptions Index (CPI) ranks countries based on how corrupt their public sector is perceived to be. It is a composite index drawing on corruption-related data collected by a variety of reputable institutions, based on views of observers from around the world.
Control Risks, a private risk consultancy company, published a report on the global anti-corruption and compliance landscape, surveying legal and compliance professionals across the globe. Key take-aways in the report say corruption is still a major cost to international business: 30% of businesses globally reported losing out on deals to corrupt competitors. Secondly fraud risks continue to deter investors: 30% of respondents did not conduct business due to perceived corruption risks.
Angola, 2015 host of the Kimberley Process, is a country of extreme wealth, thanks to oil and diamonds. Yet it has the highest child-mortality rate in the world. Rampant corruption, an apparent lack of interest in health care and little call for accountability from countries with oil interests there largely account for this contradiction. Nicholas Kristof, columnist for The New York Times, went to Angola to see for himself, and he recently returned with stunning video (in link).
Prosecutors in Switzerland said on Thursday that they had ended an investigation into possible money laundering at HSBC’s Swiss private bank without filing any criminal charges. The Geneva prosecutor’s office said that it would not pursue charges against the Swiss unit and that HSBC would pay 40 million Swiss francs, or about $42.8 million, to settle the inquiry. “The investigation found that neither the bank nor its employees are suspected of any current criminal offenses,” HSBC said in a statement.
Last March, Muhammadu Buhari was elected President of Nigeria. Presenting himself as a 'man of the people', Buhari condemned the widespread corruption in Nigeria during his election campaign and it was no secret that he had to go to great lengths just to pay the registration fee for participating in the election. It is therefore inconvenient to say the least that his wife Aishi was photographed during his inauguration wearing what appears to be an extremely expensive timepiece - namely, a Cartier Baignoire Folle, 18-carat diamond watch estimated at $50,000 dollar.