Myanmar city construction / Korean conglomerates fraud / 1MDB recovery overseas

-

Transparency in Delayed $2B Development Project Requested in Lower House.  Despite the agreement of the Eco Green City project in Myanmar being signed two years ago, no start appears to have been made on it and the revenue-sharing deal between the government and the private company remains unclear.

The Irrawaddy: https://www.irrawaddy.com/news/burma/transparency-delayed-2b-development-project-requested-lower-house.html

 

Two Employees of South Korean Conglomerate Charged with Defrauding U.S. Government in Army Base Construction (Press release).  “Two employees of SK Engineering & Construction Co., Ltd. (SK), a large multinational corporation based in the Republic of Korea (South Korea), were charged with participating in a scheme to defraud the United States by submitting fraudulent subcontracts to conceal bribes and kickbacks paid to an American public official, in relation to U.S. Army construction contracts in South Korea.”

US Department of Justice: https://www.justice.gov/opa/pr/two-employees-south-korean-conglomerate-charged-defrauding-us-government-army-base

 

Malaysian official asks Goldman Sachs for $600M fraud refund.  Shares of the Wall Street powerhouse got clobbered after a top Malaysian official claimed the bank owed the country a “full refund” of $600 million for its role in an international fraud masterminded by financier Jho Low.

Kevin Dugan/New York Post: https://nypost.com/2018/11/12/malaysian-official-asks-goldman-sachs-for-600m-fraud-refund/

Popular posts from this blog

The Pacific - Nepal - Eastern Europe & Central Asia

-
[Blog] How are perceptions of corruption in seven small Pacific countries? Larger Pacific Island neighbors are often garnering the lion's share of attention both from researchers and policy makers. How are the experiences of corruption in countries like Tuvalu, Tokelau, Niue, the Republic of the Marshall Islands (RMI), The Cook Islands, Palau, and Nauru? DevPolicy Blog: https://devpolicy.org/perceptions-of-corruption-in-seven-small-pacific-island-countries-20230223/   [Opinion] Two decades of new anti-corruption law in Nepal: Why it missed its mark. According to a Nepalese journalist, the Anti-Corruption law and Prevention of Corruption act of 2002 laid the foundation for numerous investigations, scandals, and court cases. To a large extent, they did however fail to enable significant conviction and return of assets. Online Khabar: https://english.onlinekhabar.com/anti-corruption-law-missing-target.html   [Blog] Growing security risks and authoritarian
Read more

Middle East & North Africa - Ukraine - Sri Lanka

-
Corruption fuels ongoing conflict. The Middle East and North Africa has been in a decline on the Corruption Perceptions Index (CPI) for years. The region is also ranked as the "least peaceful region" according to the Global Peace Index. Transparency International (TI) argues that corruption, conflict, and security are profoundly intertwined. TI: https://www.transparency.org/en/news/cpi-2022-middle-east-north-africa-corruption-fuels-ongoing-conflict   [Opinion] Ukraine's corruption purge is setting the stage for private investment-driven recovery. Corruption is regarded as a key threat to the Ukrainian economy, depriving public budgets and discouraging foreign direct investments (FDI). The current administration has taken strong anti-corruption action, and the country has witnessed a significant increase in FDI in recent years, says author. DevDiscourse: https://www.devdiscourse.com/article/business/2353089-ukraines-corruption-purge-setting-stage-
Read more

Global - Sub-Saharan Africa - Turkey & Syria

-
Invisible Trillions review: Global capitalism operates beyond the rule of law and threatens democracy. Raymond W. Baker's new book "Invisible Trillions" argues that "secrecy has become as important for corporations as transparent and taxable profits used to be". "Only radical improvements across the globe in financial transparency and accountability, and in regulatory capacity and integrity, can break this cycle of political decay and despair". The Conversation: https://theconversation.com/invisible-trillions-review-global-capitalism-operates-beyond-the-rule-of-law-and-threatens-democracy-199311   [Blog] The dynamics of violent extremism in sub-Saharan Africa. There is no better environment for the expansion of violent extremist groups than a vacuum in state authority. These groups begin to compete with the state and may even be initially attractive to communities weary of years of lawlessness, corruption, and chaos according to autho
Read more