Featured Africa

UK’s May faces no-confidence vote after Brexit plan crushed

AP — British lawmakers overwhelmingly rejected Prime Minister Theresa May’s divorce deal with the European Union on Tuesday, plunging the Brexit process into chaos and triggering a no-confidence vote that could topple her government. The defeat was widely expected, but the scale of the House of… Read More

Money laundering: Ex-Credit Suisse bankers arrested over $2 billion-loan fraud scam

Three former Credit Suisse bankers have been arrested over money laundering and bribery charges pertaining to a scam which involved $2 billion in loans to companies in Mozambique. According to the prosecution, three Mozambican state-owned firms borrowed over $2 billion. The loan proceeds were meant to be used… Read More

Eni, Shell knew of ‘sharks’ in Nigeria graft case – judge

An Italian judge said on Monday oil majors Eni (ENI.MI) and Royal Dutch Shell (RDSa.L) were fully aware their 2011 purchase of a Nigerian oilfield would result in corrupt payments to Nigerian politicians and officials. Italy’s Eni and Shell bought the OPL 245 offshore field for about $1.3 billion (1.03… Read More
17th December 2018
A Glencore PLC-controlled mining company and some of its current and former executives have agreed to pay more than $22 million to settle Canadian allegations they hid the risks of doing business with an Israeli man close to Congolese President Joseph Kabila, the Wall Street Journal reported on Sunday. The… Read More
10th December 2018
Nigeria’s main opposition party said authorities had frozen the bank accounts of its vice presidential candidate in the run-up to elections next February. The People’s Democratic Party (PDP) said late on Saturday accounts belonging to Peter Obi, its vice presidential candidate, his wife, family members and their businesses had been… Read More
3rd December 2018
A three-year settlement deal reached between Britain’s Serious Fraud Office (SFO) and Standard Bank over bribery allegations has come to an end, British officials said. SFO director Lisa Osofsky said she welcomed the “successful conclusion” of the agreement. In November 2015, the two parties entered into a deferred prosecution agreement… Read More
30th November 2018
AP — A key broker of the latest deal to end South Sudan’s civil war diverted European weapons to South Sudan’s military despite an EU arms embargo, a new report says. It also asks how a U.S. military jet ended up deployed in South Sudan… Read More
29th November 2018
The impoverished state of Central African Republic landed a windfall on Tuesday, at least on paper, when Russian state bank VTB reported it had lent the country $12 billion — but the bank then said it was a clerical error and there was no such loan. The loan was mentioned… Read More
26th November 2018
Portugal promised on Friday to help the government of Angola repatriate funds obtained through corruption and deposited in the Iberian country, as Luanda steps up its drive to clamp down on alleged fraud by the previous administration. Many rich Angolans live or own property in Portugal, its former colonial master,… Read More
22nd November 2018
A tale of drug money laundering spanning from the crowded streets of Casablanca to the pristine shores of Lac Leman, Geneva, has finally come to its conclusion in the courts in Paris – and an epilogue yet to play out in French prison. The story begins almost a decade earlier… Read More
21st November 2018
Tanzania’s central bank conducted a surprise inspection of foreign exchange bureaus in a crackdown on black market currency trading and money laundering, it said on Tuesday. Soldiers and other security forces took part in Monday’s operation in the northern town of Arusha, a tourism and gemstone trading hub, so different… Read More
20th November 2018
South Africa’s main opposition party has called for an independent inquiry into a $36,000 payment made to a fund that financed President Cyril Ramaphosa’s successful campaign for leader of the African National Congress last year. Ramaphosa, who has staked his reputation on rooting out corruption, told lawmakers this month that… Read More
16th November 2018
Kweku Adoboli, a former UBS trader jailed for Britain’s biggest fraud over unauthorised trades that cost the Swiss bank $2.3 billion (1.7 billion pounds), has been deported to Ghana, his spokesman said. Adoboli was put on a commercial flight from Heathrow on Wednesday after being detained in Scotland earlier in… Read More