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Showing posts with label banks. Show all posts
Showing posts with label banks. Show all posts

Monday, 24 August 2009

Nigeria: EFCC Arrests 2 More Bank Chiefs


Olawale Olaleye

23 August 2009


Lagos — The Economic and Financial Crimes Commission (EFCC) yesterday arrested two more bank directors over the huge debt profile of the five banks whose managements were sacked two weeks ago by the Governor of Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi.

The bank chiefs arrested in Lagos are John Maha, Managing Director, Afribank Securities Limited, a subsidiary of Afribank, and Niyi Opeodu, Managing Director, Union Capital Market Limited, a subsidiary of Union Bank. Both men have since been detained at the anti-graft commission office in Ikoyi.

Union Bank and Afribank are two of the five banks affected by the post consolidation reforms introduced by new CBN governor Lamido to put the nation's 24 banks on a sound footing. The three others are Intercontinental Bank, Oceanic Bank and Finbank.

The arrest of Maha and Opeodu however makes it 15 bank chiefs that have been picked up by the EFCC since the CBN governor commenced the onslaught in the banking sector.

According to EFCC's spokesperson, Mr. Femi Babafemi who confirmed the development, while Maha was arrested at a location on Lagos Island yesterday evening, Opeodu was picked up at his Lekki residence, Lagos earlier in the day.

"The two of them were picked up today (yesterday) in Lagos. Maha was picked up at a location in Lagos while Opeodu was arrested at his residence in Lekki, Lagos. They are both in our custody as we speak now. That, I can confirm to you," he said.

Babafemi explained that the EFCC would take time this weekend to interrogate those newly arrested in order to ascertain their level of culpability in the predicament their banks have been put. He said for now, he could not say what their fate would be, but by Monday, the commission would decide what to do with them, based on the outcome of their interrogation with them.

"Of course, you should know that whoever is kept beyond 48 hours is kept on court order. But at least, we'll have them interrogated this weekend so as to ascertain their level of culpability and by Monday, we'll decide what to do with them," he said.

Meanwhile, EFCC has set up five different teams charged with the sole responsibility of pursuing all the identified bank debtors immediately after the expiration of the ultimatum handed them last Wednesday by the commission's chairman, Mrs. Farida Waziri.

The EFCC had last week issued an ultimatum to all debtors of the five banks to tidy up their debts or face arrest, prosecution and seizure of their assets. Mrs. Waziri handed down the ultimatum while fielding questions from journalists at the annual conference of the Nigerian Bar Association (NBA) which held in Lagos.

"We already have the list of the debtors of the five banks with us in EFCC and they have just one week to bring in their cheques or drafts to us or we begin their arrest and prosecution, as well as confiscation of their assets because they are people of enormous means," Waziri said.

It is against the backdrop of this ultimatum that the EFCC has grouped some of its men into five teams which, according to Babafemi, have also been deployed to different parts of the state to move against the debtors once the one week ultimatum elapses.

He said each of the team comprises of 10 operatives and has been assigned to each of the five affected banks. He was, however certain that all is set for the EFCC to take control of the situation immediately the ultimatum expires, adding that no stone would be left unturned in recovering the huge debts.

Friday, 20 March 2009

Switzerland to relax banking secrecy law

Source:By Abigail Townsend Telegraph


The Swiss government has bowed to international pressure and agreed to relax the stringent secrecy rules that govern its banks. In a statement ahead of Saturday’s meeting of G20 finance ministers, where offshore banking will be discussed, the government said it would adopt Organisation for Economic Co-operation and Development standards and co-operate with countries investigating tax evasion.

“Banking secrecy does not protect any form of tax offence,” it added. “With the globalisation of financial markets and in particular the current financial crisis, international co-operation on tax matters has become increasingly important.”Gordon Brown welcome the move, adding that it was “important for [Switzerland] to move swiftly to implementation”.

The landmark decision comes amid growing calls for a crackdown on tax havens. There had been threats to include Switzerland on the OECD’s blacklist of uncooperative tax havens, something the world’s biggest offshore financial centre was keen to avoid.
It has also come under pressure from the US, where lawyers want UBS to hand over client details as part of an investigation into tax fraud. But while Switzerland acknowledged concerns about tax havens, it also stoutly defended banking secrecy.
Any co-operation would be on a case-by-case basis only, it said, adding: “[The Federal Council] fully endorses banking secrecy and resolutely rejects any form of automatic exchange of information. The privacy of customers will continue to be protected from unauthorised access to information concerning private assets.”

It will also continue to fight the US over the UBS case. Jean Schaffner, tax partner at Allen & Overy, said it was “a good compromise”, adding: “It is not acceptable for bigger countries to use their economic power to pressure governments into revealing confidential banking information. We don’t anticipate that these announcements will significantly impact the private banking industry.”
Austria and Luxembourg also pledged increased co-operation last week .

Thursday, 19 March 2009

Is the ICC Targeting Africa and Third World Countries?

The International Criminal Court was established in 2002 as a permanent tribunal to prosecute individuals for genocide, crimes against humanity, war crimes, and the crime of aggression. As of March 4, 2009, it has issued public arrest warrants for thirteen individuals.Two have died, seven of them remain free, four are currently in custody of the court. The four who are in custody are Thomas Lubanga former warlord from DR. Congo; Germaine Katanga former warlord from DR. Congo; Mathieu Ngudjolo Chui also from DR Congo; and Jean-Pierre Bemba from Central AfricaRepublic.

 

Among the seven who remain free are Joseph Kony from Uganda; Vincent Otti from Uganda, Raska Lukwiya from Uganda, Okot Odhiambo from Uganda and Dominic Ongwen also from Uganda. The rest are Bosco Ntaganda from DRC, Ahmed Haroun from Darfur, Ali Kushayb also from Darfur, and Omar Al Bashir fromSudan. All thirteen of the indicted individuals have been charged with war crimes, and eleven of them have also been charged with crimes against humanity.

 

A careful look at the list of the people indicted by the ICC reveals that all those indicted are Africans. This has raised a number of questions and concern that the court is targeting Africans or has been established purposely to deal with the third world. These claims appear to hold water and become weightier when one looks at what has gone on and continue to go on in Iraq, Afghanistan, Chechnya,Gaza and other parts of the world.

 

If Omar Al Bashir is a war criminal, what about those who invaded, occupied, destroyed and killed Iraqis? The allied forces did not have the UN mandate to invade and occupy Iraq. The claim that Saddam Hussein had weapons of mass destruction was false. Is the ICC saying that there is no question to answer and that the invasion, occupation and killing of hundreds of thousands of innocent children, women and civilians was a just course and that the war did not violate any international law?  Are the ICC officials living on a different Planet?

 

Is the ICC aware of the continued insecurity in Iraq created by Bush, Tony Blair and Rumsfeld and the fact that most Iraqis today live in fear of their lives, and lack most basic necessities of life such as water and electricity? Is the ICC aware of the torture, humiliation and mistreatment of Iraqi detainees in Abu Ghraib Prison and the fact that only low key officers were court marshalled by the US Army while the big fish continue to enjoy their life outside prison? How different is the estimated 655,000 Iraqi who have died so far and the estimated 300,000 Darfuris deaths?

 

Is the ICC not deliberately targeting Africans because they are financially poor, militarily weak and politically ill organised? How many African countries have the infrastructure to produce the millions of arms and weapons littered across the continent which are being used to kill and terrorise the people? What effort has the ICC made to prosecute the Western defence companies and contractors who have turned Africa into graveyards? What effort has the ICC made to prosecute the 85 companies who were implicated in a UN report of October 2002 for supplying arms to Uganda and Rwanda armies as well as to the 25 militia groups in DR Congo so that these companies could continue to meet the West insatiable appetite for technology, diamond, gold, coltan and timber? Is the ICC aware that the beneficiaries of the war in DR. Congo were named as Cabot Corporation, Eagle Wings Resources International, Trinitech International, Kemet Electronics Corporation, OM Group  (OMG); and Vishay Sprague all of them companies in the USA? Why haven’t those who finance the wars been arrested and prosecuted by the ICC? Is it because they are white and from the West? Is indicting the Africans who are just the foot soldiers and leaving the arms suppliers and financiers in the West not selective justice?

 

Is the ICC saying that the extraordinary rendition or secrete CIA prisons in Cuba, Morocco, Egypt and Thailand where presumed enemies of the West are arrested, tortured, imprisoned without trial; denied access to their lawyers and families are not violation of international law? If in the eyes of the ICC the conduct of the war in Iraq and its aftermath are just, why has the CIA destroyed 92 tapes believed to be contain evidence of torture and war crimes against Iraqis, Afghans and other so called war-on-terror suspects? Has the ICC deduced anything from the destruction of the tapes? Are Bush and his associates not destroying evidence that might incriminate them? Is it because the destruction of the tapes did not happen in Africa ?

 

If the ICC is not deliberately targeting Africa then why is it that the court has not said anything about the invasion, occupation and war in Afghanistan? Like Iraq, hundreds of thousands of Afghans have been killed; infrastructure destroyed; and the people live in constant fear of their lives, all in the name of war-on-terror.

 

If the ICC is not targeting Africans, then what justification has it got not to indict the leadership of the Israeli government for the utter destruction of Gaza; the killing of more than1300 people; as well as the over 5300 who were injured in the 22 day air, sea and ground assault on Gaza. At least 4000 homes were destroyed and more than 50, 000 people were rendered homeless. UN and Red Crescent facilities, schools, mosques, hospitals and power installations were deliberately and systematically targeted and destroyed. Medical personnel were shot at as they tried to evacuate the injured and the dead; the seriously injured were prevented from leaving Gaza to receive medical care abroad and weapons that should not be used in populated areas were used. There was no discrimination between civilians, Police personnel and their facilities and Palestinian fighters as bombs were rained on everyone everywhere. Gaza today is the biggest prison in the world with  the people in dire need of food, water, electricity and medicines. Are those collective punishment not war crimes?

 

The fact that the Israeli government put together a team of lawyers headed by the Justice Minister to defend the soldiers should charges be brought against any of them, is an indication that even the Israelis believe their actions were tantamount to war crimes and crimes against humanity. When the Israeli Foreign Ministry spokesman in the person of Mark Regev was asked by an Aljazeera broadcaster on the use of white phosphorous in densely populated areas in Gaza, his response was that the Israeli Army did not use any weapons that the Americans, Canadians, British and the NATO forces did not use or are not using in Iraq and Afghanistan, which is to say, if we are guilty then they might be guilty as well. What justification has the ICC got not to indict the Israeli leadership?

 

Is the ICC saying that Russian leaders did not commit war crimes in their conduct of the wars inChechnya? Or those crimes have been ignored because it is another crime committed by leaders of another untouchable superpower?

 

Again are the Swiss government and the banking institutions in that country not guilty of crimes against humanity for keeping billions of dollars of stolen monies meant for the welfare of humanity? And how about the governments of Luxembourg, Liechtenstein, France and Jersey Islands and their banking institutions who have become well off through monies stolen from the poorest of the poor? Is the ICC saying keeping billions of dollars of stolen money meant for the welfare of the people not a crime against humanity? Or the ICC has closed her eyes and ears because the institutions and corporations involved are of Western origin?

 

There have been a number of calls mostly in the West for Robert Mugabe to be put on trial for not providing the medicines needed to fight the cholera epidemic that is ravaging Zimbabwe. The question is, if Mugabe should be put on trial, what about UBS in Switzerland which is keeping the money that could have been used by the people themselves to buy the medicines?

 

If Americans are calling for Bush, Rumsfeld and some Pentagon officials to be prosecuted for sending Americans to die in vain and for ordering detainees to be tortured then what is the ICC doing? What is the indiscriminate killing of children, women and civilians and the daily violation of the sovereignty ofPakistan telling the ICC? Has the ICC got different sets of rules for the third world and another for the so called developed world?

 

Is the US not culpable for selling or donating military machines that Israel used and continue to use to destroy Palestinian homes and kill unarmed civilians? Is leaving Bush and his cronies and indicting Omar Al Bashir and the other foot soldiers in Africa not selective justice?

 

If those indicted in Africa have committed any crime surely they must face the consequences of their actions but it will also be an injustice if those supplying the weapons and bankrolling the conflicts are allowed to go unpunished. Justice should not be biased or partial or perceived to be biased towards a certain class of the earth’s citizens. No one should be treated or made to feel s/he is above international law when it comes to things that matter to the whole world. No nation no matter her economic, social or military capabilities should be treated differently when it breaks international law. No individuals no matter the office that s/he holds should be exempted from prosecution if he or she breaks international law. It is by upholding this principle that the ICC will be seen to be impartial and unbiased. For what is good for the goose is equally good for the gander.

 

By Lord Aikins Adusei

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