Category: Odious Debts

Are British corruption laws up to scratch?

(March 14, 2007) U.K. legal expert Anita Esslinger compares British anti-corruption laws to pornography in terms of clarity. Drawing on a quote by former U.S. Supreme Court Justice Potter Stewart who once famously said that although he might not be able to define pornography, “I know it when I see it.” The same might be said for the definition of “corruption” under laws applicable in the United Kingdom, writes Esslinger.

Iraqi anti-corruption head says graft worse than in Saddam’s time

(March 8, 2007) Corruption in Iraq is now worse than it was during Saddam Hussein’s regime, the Chairman of Iraq’s Commission on Public Integrity (CPI), Radhi Hamza al-Radhi, said in an interview published by the Arabic-language Asharq Alawsat newspaper. "There are eight ministers and 40 general directors against whom corruption charges have been brought and they [have] all fled abroad," he said.

Zambia: Let the looters pay the vultures

(February 28, 2007) A recent British high court ruling that permits a so-called "vulture fund" to pursue an enormous profit on its purchase of Third World debt from Zambia has provoked a backlash from global debt campaigners. However, U.S. law professor Larry Cata Backer argues that, within an odious debts context, the fund ought to be able to seek repayment but not from the people of Zambia.

Wolfowitz takes actions to gear up World Bank for Iraq

(February 16, 2007) The Government Accountability Project (GAP) has learned from inside sources that World Bank President Paul Wolfowitz is currently negotiating a contract with a new resident Iraq Country Director. This step strongly suggests that Wolfowitz intends to expand Bank-funded projects there dramatically in the near future, despite the deteriorating security situation and recent disclosures of massive corruption in "reconstruction" efforts.

Keep off the graft

(February 12, 2007) British Prime Minister Tony Blair released a much anticipated Commission for Africa report which called on the developed world to help Africa curb corruption by cleaning up its own act (The Guardian). The report signalled a new and hopeful direction for the Blair administration’s advance on the scourge of global graft. Blair talked about changing U.K. banking laws to speed up the return of public funds pocketed by corrupt African leaders. His government also issued new anti-corruption rules aimed at cracking down on kickbacks paid by U.K. exporters to win contracts overseas; href=”http://www.ft.com”Financial Times”

Hiding Africa’s Looted Funds: Silence of Western Media

(February 9, 2007) Quite often when you read newspapers, listen to radio and watch television in the West you learn how poor Africans are and how corrupt African leaders are. But you will never watch, read or hear anything in these media outlets about the role being played by Western banking institutions; property development and estate companies; the big corporations; and the western political and business elite in promoting corruption in Africa.

Report: Skeletons in the Cupboard: Illegitimate Debt Claims of the G7

(February 9, 2007) If the Group of Seven (G7) nations are serious about cleaning up corruption and promoting good governance and transparency, they should look to the past. A damning new NGO report presenting case studies of past loans made by the Group of Seven nations (Canada, France, Germany, Japan, Italy, the U.K. and the U.S.), reveals that some loans are not legitimate and that the lenders are at fault.