Tuesday, 13 September 2011

WikiLeaks: A former Nigerian president pocketed nearly $60 million a month in kickbacks!!

A roundup of corruption-related news from Dow Jones and other sources.

Mike Lucas
A former Nigerian president pocketed nearly $60 million a month in kickbacks from the state oil company, according to a leaked U.S. diplomatic cable. A review of last week’s WikiLeaks revelations involving Nigerian leaders. (elombah.com, Vanguard)
The case of former Rep. William Jefferson, (D, La.), made it into a diplomatic cable released by WikiLeaks. (New Orleans Times-Picayune)
Brazil in 2010 suffered from “widespread corruption” during popular President Luiz Inacio Lula da Silva’s term in office. (AFP)
U.S. authorities are looking into possible foreign bribery violations by the global aerospace industry and state-owned airlines, sources told Reuters. It was not immediately clear what sparked the focus on aerospace.
Salvatore DiMasi, the former Massachusetts State House speaker, was sentenced to eight years in prison for corruption. His neighborhood reacted with sadness and relief.  More here, here, here and here. (Boston Globe, Boston Globe, Boston Globe, Boston Herald, WCTV, AP)
Tom Fox has 20 ideas about playing by the rules. The FCPAProfessor is an Ironman. This Week in FCPA, episode 16, is available in audio and video. A primer of best practices on mergers and acquisitions under the FCPA. Thebriberyact.com asks why a company should bother self-reporting to the SFO if they may still face prosecution.
New corruption allegations against former French President Jacques Chirac and former Prime Minister Dominique de Villepin involve their allegedly receiving an estimated $20 million in illegal payments from West African leaders over the course of a decade. Lawyers for both denounced the claims.  (AP)
The first four defendants in the FCPA sting trials who ended up in a mistrial asked the judge to acquit them of the conspiracy count. (FCPA Blog)
BAE Systems has agreed to pay $46.8 million directly to the Tanzanian government under a settlement reached with the U.K. Serious Fraud Office. The company had been trying to make the payments in tranches to non-government organizations working in the country, but the head of the SFO threatened to hold BAE in contempt if it didn’t pay by the fall. More here, here and here. (Financial Times sub req, Main Justice, TrustLaw, Guardian)
The U.K. Financial Services Authority said in its latest newsletter that though it does not prosecute the Bribery Act, it could still take action against financial institutions that fail to adequately address corruption risks. (FT Adviser)
The lawyer for an Indonesian political leader suspected of bribery accused the deputy chairman of the KPK of receiving a $500,000 bribe from a businessman to stop conducting corruption investigations. A witness at the meeting where the bribe was allegedly paid denied that such an exchange ever took place; the deputy chairman doesn’t appear to have been contacted for comment. (Jakarta Post)
An aide to former Detroit Mayor Kwame Kilpatrick is expected to plead guilty to corruption charges in the wide-ranging case against Kilpatrick, his father and others. (Detroit News)
Slovakian police uncovered bribery involving the awarding of European Union contracts, the country’s labor ministry said. (DPA)
Money Laundering:
Germany’s finance ministry ordered an investigation into dealings by Sarawak Chief Minister Abdul Taib Mahmud with Deutsche Bank to see whether there was any money laundering involved in the transactions. Neither Deutsche nor Taib appeared to be contacted for comment. More here. (Malaysiakini, MocSarawak)
The U.S. Financial Crimes Enforcement Network won’t issue final rules mandating banks and money transmitters to report their cross-border funds transfers until the network develops an IT system to handle the data, a spokesman said. (Complinet sub req)
The Zambian Drug Enforcement Commission arrested two senior employees of Food Reserve Agency in Kalomo district for money laundering involving more than K200 million. (Zambian Watchdog)
The trial of the first of 15 cases against the son of a former Bangladeshi prime minister has begun. This trial covers charges of money laundering. (The Daily Star, Gulf Times)
A federal judge sentenced a Brooklyn, N.Y.-based man to 18 months in prison for operating an unlicensed money-transmitting business as part of the 2009 New Jersey corruption sting operation. (AP)
Venezuelan President Hugo Chavez slammed the latest U.S. sanctions on officials in his country. (Latin American Herald Tribune)
Russian President Dmitry Medvedev said any U.N. resolution on Syria must contain messages for both the Assad regime and the opposition, and cannot place sanctions on the country. (AP)
The U.S. State Department said Friday it will ramp up pressure this week to finish a resolution on Syria at the U.N. Security Council. (AFP)
A report by the U.S. Government Accountability Office found problems in the whistleblower program run by the Internal Revenue Service, and a U.S. Senator said it needs more resources. (Wall Street Journal, iWatchNews)
Terrorism Finance:
Financial Institutions were warned by the Kenyan central bank to be more on alert for suspicious transactions that could be going toward financing terrorism. (Daily Nation)
General Anti-Corruption:
The Iraqi anti-graft chief resigned amid pressure from political parties who he says are covering up corruption. More here and here. (AFP, LA Times, AFP)
Splits are starting to form in Team Anna’s coalition against corruption. Meanwhile, Anna Hazare reiterated his call for a tougher Lokpal bill. More here, here, here, here and here. (India Today, Telegraph India, The Hindu, NDTV, Times of India, DNA India, IBNLive.com, GulfNews)
Retirement will no longer absolve an Indian bureaucrat if corruption allegations are lodged against the person, according to new rules released by the finance minister. (The Hindu)
Russian authorities are fighting corruption to bring order to the country, not to please foreign investors, Medvedev said Monday. (RIA Novosti)
Weak enforcement hampers Vietnam’s anti-corruption efforts. (Thomas Reuters Accelus)
Jack Warner said he was led to believe he would be the “sacrificial lamb” of FIFA’s anti-corruption drive, and that the case would not go any further. He said soccer’s international governing body is “devastating lives” and hurting the sport. (Guardian)

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