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EQUATORIAL GUINEA: US Senate probe reveals massive theft of oil revenue

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seemslikeadream Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 07:45 AM
Original message
EQUATORIAL GUINEA: US Senate probe reveals massive theft of oil revenue

One of the most curious cases of money being diverted from government coffers concerned the payment of grants to Equato-Guinean
students studying overseas.

"Altogether, the Subcommittee was able to document payments in excess of US$4 million made by oil companies to support more than 100 Equato-Guinean students studying abroad, most of whom were the children or relatives of wealthy or powerful Equato-Guinean officials," the Investigations Subcommittee report said.

Riggs Bank, which has also been criticised for the way it handled several million dollars on behalf of former Chilean President Augusto Pinochet, was fined US$25 million in May by the US Office of the Comptroller of Currency for its failure to impose proper controls against money laundering.

The Senate Investigations Subcommittee hinted that the ruling elite in Equatorial Guinea was embezzling state oil revenues on a much bigger scale than its own inquiries had revealed.

more
http://www.irinnews.org/report.asp?ReportID=42237&Selec...
more
http://www.democraticunderground.com/discuss/duboard.ph...


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Bonhomme Richard Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 07:57 AM
Response to Original message
1. Once again, another article and no mention of Jonathan Bush.
Why all the silence or is he really not involved. Hell, even if he isn't involved it would be a nice little sidebar for the reporter.
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nodictators Donating Member (977 posts) Send PM | Profile | Ignore Mon Jul-19-04 08:53 AM
Response to Reply #1
2. Maybe they should change the name to Bush-Riggs
Not only would the name be doubly appropriate, but also our grossly inept "journalists" might not be so clueless.
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Monte Carlo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 09:22 AM
Response to Original message
3. Anybody see the 60 Minutes story?
Maybe I'm just biased, but both the father and the son in that story looked like they were going STRAIGHT to Hell. Do not pass Go, do not collect $200.
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Zynx Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 09:26 AM
Response to Reply #3
4. What father and son?
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seemslikeadream Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 09:27 AM
Response to Reply #3
5. A couple people did
Edited on Mon Jul-19-04 09:29 AM by seemslikeadream


Kuwait Of Africa?
http://www.democraticunderground.com/discuss/duboard.ph...


This is also part of the story
Equatorial Guinea readies for Zim 69 extradition
http://www.democraticunderground.com/discuss/duboard.ph...
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struggle4progress Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 11:01 PM
Response to Original message
6. kick
:kick:
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gauguin57 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 11:09 PM
Response to Original message
7. That 60 Minutes story has had me pissed off all day!
The people of E. Guinea are starving and poor, and their leader and his son are being wined and dined by oil company execs. in Washington. And the oil companies RIPPED THEM OFF in paying for a LOT OF OIL that's located just offshore in E. Guinea.

They should be paid a lot more, and it should be going to help the lot of the people, not for the son of the president to buy 20 expensive suits on a shopping spree in Paris.

We MUST get a president in office who is not owned by/inextricably linked to the oil companies. They run the world; their power must be reined in.

"Iraq is free; let freedom reign"? Are you kidding me with this, Dubya? You should have said, "Iraq is free; Let the Oil Companies Reign!"

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seemslikeadream Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-19-04 11:11 PM
Response to Reply #7
8. I AM TOO SCARED TO CLOSE MY EYES
http://www.bushflash.com/year.html WATCH THIS VIDEO


Legion
Vnv Nation
Enveloped in a sentiment,
A sound that rushes over me.
Engage an impulse to pretend
I have a faith as pure.
Not forgetting what it means to dream.
Indulging everything.
Entertaining thoughts that I've the strength
Of those I yearn to be.
Cheers and tribute greet the saviours.
Reckless thoughts survive.
Anachronistic and impulsive.

And what will happen?
Will I dream?
I am too scared to close my eyes.
For a second please hold me.
None can change in me these things that I believe.
But I don't know what happens now.
I am too scared to close my eyes.

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