Friends of the FCPA Blog -- Sandy Sierck and Nick Diamond, who represent the Socio-Economic Rights and Accountability Project in Nigeria -- have another good idea. For years, SERAP has been petitioning the DOJ and SEC to return enforcement revenues to the real victims of overseas corruption: the citizens of the corrupt governments. Their latest proposal is a slam dunk.
Entries in Nigeria (217)
The Department of Justice has frozen more than $458 million in corruption proceeds hidden in bank accounts around the world by former Nigerian dictator Sani Abacha and his co-conspirators.
Ukraine's opposition this weekend overran the estate of former president Viktor Yanukovich. The 340-acre private compound, an hour's drive from Kiev, had never been open to the public.
Fifteen countries currently at war against an external enemy or internal insurrection have an average ranking on the corruption perceptions index of 150 (the cpi ranks 175 countries). Two of them -- Somalia and Afghanistan -- are tied for last place at 175. The highest ranked nation among those on the war list sits in the bottom half of the cpi. That's Colombia at 94.
Mannheim, Germany-based Bilfinger SE, an engineering and services company in the energy sector, agreed to pay a $32 million penalty to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) by bribing government officials in Nigeria.
Italian oil and gas services company Saipem is beefing up compliance by creating a new senior management position, the board of directors said last week.
The Zambia government has terminated a $210 million closed circuit television camera contract with China's ZTE because of alleged corruption.
The only U.S.-headquartered company now on the FCPA top ten list is KBR (and its former parent, Halliburton). It landed second after paying $579 million in 2009 to settle an enforcement action for its role in the so-called TSKJ Nigeria consortium.
There's no silver bullet to overcome the natural resource curse that haunts much of the globe. But countries in East Africa, the region I am most familiar with, can take several practical and affordable steps to exploit resources in ways that will benefit citizens and put realistic development goals within reach.
Buildings are collapsing in Lagos, Ibadan, Abeokuta, Kaduna, Kano and other Nigerian cities.