SA shakes hands with the devil

[seemslikeadream]

Jean-Jacques Cornish | Johannesburg

30 July 2004 07:15

The investigation determined that “from 1995 until 2004, Riggs bank administered more than 60 accounts and certificates of deposit for the government of Equatorial Guinea, Equatorial Guinea government officials, or their family members.

“By 2003 the Equatorial Guinea accounts represented the largest relationship at Riggs bank, with aggregate deposits ranging from $400-million to $700-million at a time.

“The investigation has determined that Riggs bank serviced the Equatorial Guinea accounts with little or no attention to the bank’s anti-money laundering obligations, turned a blind eye to evidence suggesting the bank was handling the proceeds of foreign corruption, and allowed numerous suspicious transactions to take place without notifying law enforcement.”

The London-based Africa Confidential quotes Equatorial Guinea official spokesperson Alfonso Nsue as saying: “The investigation that led the American Senate to Riggs bank has nothing to do with our government nor with our dignitaries ...


In the Scotsman this week, Fred Bridgland said “the US changed tack just over three years ago after Exxon Mobil, Chevron Texaco and Dallas-based Triton Energy, a company with close ties to President George W Bush, had invested more than $5-billion in Equatorial Guinea’s oil production”.

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http://www.mg.co.za/Content/l3.asp?ao=119529



“The companies lobbied for strengthened US relations with the Nguema family. The US Embassy in Malabo was reopened in December 2001.”