(March 21, 2004) Acres International has snubbed the impoverished kingdom of Lesotho by not paying a R13 million fine after being convicted of corruption and bribery.
Western firms face bribery blacklist
(March 19, 2004) If Acres is debarred, it will send a powerful signal to the world’s big construction companies, which rely heavily on the World Bank and other international financial institutions for support.
Aid can’t develop Africans
(March 18, 2004) Western governments should accept that the debt owed by all African and developing world countries is odious and should be written off immediately for everybody, not just favorite strong men rulers who they hope will act or are acting as their foremen in Africa,’ writes Abdul-Raheem Tahudeen for the Ugandan newspaper New Vision. Furthermore, said Tahudeen, aid does not and cannot develop any society.
Mbeki hails Lesotho for corruption stand
(March 18, 2004) Foreign companies were the prime movers in the corruption of Lesotho officials in the Lesotho Highlands Water Project, President Mbeki said this week.
Argentina calls for France to aid in corruption probe
(March 18, 2004) Cash-strapped Argentina needs more help from rich nations to track tens of millions of dollars allegedly stashed abroad by former President Carlos Menem and his associates.
South Africa to help Lesotho sue corrupt contractors
(March 18, 2004) Southern African kingdom faces enormous costs for litigation against companies that bribed officials to win water project deals.
The key word is failure, Ms. Kelly
(March 17, 2004) This week has seen the opening of a £5 billion multinational dam project in tiny Lesotho, in southern Africa, that has already become more famous for exposing bribery than delivering water.
Mountain kingdom rates high in governance
(March 17, 2004) Lesotho yesterday officially opened Africa’s largest dam and water project – a stunning $8 billion (R53.2 billion) scheme that has involved the impoverished kingdom in fighting and winning unprecedented battles against corporate graft.
Iraq debts to Saudi hinder debt reduction deal-source
(March 16, 2004) A deal to reduce Iraq’s huge debt burden is being hindered by disagreement over whether Iraq’s debts to Saudi Arabia should be classified as loans or as grant aid, senior European treasury officials said on Tuesday.
Lesotho opens graft-hit dam project
(March 16, 2004) The project has drawn attention to the corrupt practices of some Western companies working in Africa.
Lesotho commended on corruption bust in water project
(March 16, 2004) President Thabo Mbeki has heaped praises on the Lesotho government on the way it has dealt with malpractices at the Lesotho Highlands Water Project, saying the action ensured increased investor confidence in future projects.
Related articles: Canadian firm in World Bank corruption probe
(March 16, 2004) The World Bank has formally reopened a corruption inquiry into a leading Canadian engineering company, which could lead to the first blacklisting of a major international firm.
Acres’ Lesotho woes continue
(March 16, 2004) Acres International Ltd., already convicted in an African bribery case, could be barred from World Bank-financed projects for corruption, the bank confirmed yesterday. It would be the first major international engineering firm to suffer that shame.
Iraq hopes to reach debt reduction deal this year
(March 16, 2004) Iraq’s finance minister said Baghdad hoped to finalise a deal to ease its massive debts this year, despite splits among creditors over how much debt relief to grant a country so rich in oil. "The world saw what happened in Iraq: 35 years of damage," said Kamel al-Gailani, who held talks with an IMF team in Beirut this week. "Iraq is a rich country, but to return to the international community as soon as possible we need a substantial reduction." He declined to say how much.
Ernst & Young to trace Iraqi debt
(March 16, 2004) Young to help trace Iraq’s loan contracts and reconcile who is owed what from the country’s estimated $120 billion debt pile, a senior treasury official told Reuters Tuesday.
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