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Home » Archives » July 2004 » E Guinea warning after bank probe

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07/21/2004:

"E Guinea warning after bank probe"

Local observers say that Friday's report by the US Senate has sparked amazement in the streets of the capital Malabo: offices, bars and shops are full of talk about the millions of dollars uncovered by the US Senate from accounts held at Riggs bank by Equatorial Guinea's government and ruling family.

According to the Senate investigation, from 1995 to 2004, Riggs bank administered more than 60 accounts for the government of Equatorial Guinea, government officials or their family members.

The Senate found, for example, that Riggs opened multiple personal accounts for President Teodoro Obiang Nguema, his wife and other relatives.

The bank, the Senate found, also helped establish offshore corporations for the head of state and his sons. By 2003, the Equatorial Guinean accounts had aggregate deposits ranging from $400m to $700m at a time.

Full Article : news.bbc.co.uk

This is no justification for the English coup attempt.
Even if this is true we can expect at this time to read more about Equatorial Guinea government's corruption. However, UK companies and US had no problem 'paying bribes' and holding funds in US and UK Bank accounts. Let the 70 in Zimbabwe go on trial without trying to inspire another coup or to attempt to make their murderous actions seem like a humanitarian gesture.





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