Offshore Deals that deprive Africa of Billions . . .
The ICIJ, producer of the Panama Papers has published an article written by Will Fitzgibbon on July 25, 2016. It is about those Offshore Deals that deprive Africa of Billions; commonly known thing by many, members of the public, journalists and all, did finally make it through to the long-awaited international audience. It addresses issues of that nature that lasted only too long unchallenged on the African continent.
Once again, it looks as if, Algeria is doing it one more time, being at the forefront not of Africa’s liberation from colonisation but this time from perverse behaviour in the world of business.
Excerpts of this article are reproduced with our compliments to the author / publisher, in MENA-Forum for their obvious interest to all our members and readers generally.
The Wall Street Journal published this story on 22 February 2016 that involves a case of corruption in the UAE. Sweett Group CSG.LN -1.28% PLC holds the distinction of becoming the first company sentenced under Section 7 of the U.K. Bribery Act, which pertains to corporate failure to prevent bribery. Legal experts told Risk & Compliance Journal the sentencing serves as a reminder to companies not to be apathetic about the law, despite a paucity of prosecutions, and that the law has a broad reach.
The same item of news was also covered by The Construction Index as follows.
Sweett Group has been fined £1.4m and handed a confiscation order of £851,152 for bribery and corruption offences in the United Arab Emirates.
The sentence was handed down at Southwark Crown Court on Friday 19th February 2016 following the company’s admission of guilt last December to breaching Section 7(1) of the UK Bribery Act 2010