Tag: Debts

UK taxpayers foot the bill for PR campaigns by foreign aid groups, says UK economic development think-tank

(October 20, 2009) Stimulus packages aside, the so-called “Great Recession” is forcing government leaders across the world to look for ways to cut back on the cost of public services. No sector, or service, will be spared they say. But Carl Mortishead, writing in The Times, reports there is one government office in the UK that—far from being forced to trim costs—will be given a larger budget: The Department for International Development (DfID), the British government’s foreign aid flagship.

SNC-Lavalin official arraigned in ‘Lavalingate’ – Indian hydro dam scandal: Export Development Canada provided funding

(February 5, 2009) According to recent Indian press reports, the country’s Central Bureau of Investigation has arraigned Claus Trendl, a senior vice president with Canada’s SNC-Lavalin, for the engineering giant’s role in a contract to overhaul three hydro-electric dams in the southwestern state of Kerala. It is alleged that irregularities occurred in the awarding of the contract and that Lavalin benefited from undue favour.

World Bank continues Philippines loan freeze; officials talk back

(December 12, 2007) The World Bank has said it will not approve a $232 million loan to the Philippines until it is convinced anti-corruption measures have been put in place to protect the project the funds are intended for. The loan, due for approval on Dec. 13, was slated for a road building contract but was blocked by the Bank after the Chinese contractor was found to have been involved in bid rigging.

Graft Fights Back

(May 9, 2007) A majority on the World Bank’s board, many of whom are directors from Third World countries opposed to president Paul Wolfowitz’s anti-corruption campaign, understandably want him out. But why is the World Bank Group Staff Association so intent on getting rid of Wolfowitz?

Internal Attack

(April 17, 2007) Since its creation in 1944, the World Bank has become the world’s leading architect of Third World corruption. In the Third World countries themselves, the World Bank has created hundreds of state-owned enterprises and then lavished them with money, requiring their officials to subject themselves neither to public oversight nor the bank’s own scrutiny. Among the Western suppliers to these corrupt state corporations, the bank awarded billions of dollars in contracts, again without public oversight or bank scrutiny, let alone market discipline.

Odious, illegitimate, illegal or legal debts – What difference does it make for international Chapter 9 arbitration?

(January 1, 2007) Once upon a time, sovereign debts were just that — debts or the entitlement to be repaid fully, including interest. During the 1970s it was thought unnecessary to make any distinctions between debts, based on the assumption that sovereigns might possibly become illiquid, but could never become insolvent.

PRESS RELEASE Export Development Canada keeps taxpayers in the dark, says Rosen and Associates Limited

(June 14, 2005) A report by one of Canada’s leading forensic accounting firms, Toronto-based Rosen and Associates, criticizes the 2003 annual report of Export Development Canada for not differentiating between commercial and politically-mandated activities. EDC is a crown corporation that in 2003 backstopped $51.9 billion in exports and international investments by Canadian enterprises. The Rosen and Associates study focused on the financial reporting relating to EDC’s loan portfolio.