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- Title
REPUBLIC OF CONGO.
- Abstract
The article highlights the most recent case brought, involving a Cayman Island fund, in Hong Kong, China by Kensington. It uncovered documents demonstrating that lavish spending by the clan of President Denis Sassou Nguesso was backed up by Congo's oil income. It was found out that to keep money out of reach of those who were owed it, state's financial managers directed the state petroleum revenues through shell companies in tax heavens. These then paid bills incurred by Nguesso's son, Denis Christel Sassou Nguesso, who in one month spent over US$35,000 on designer items. Economic implication to the recent case is presented. Other information relative to the misconduct of Nguesso clan is also keyed out.
- Subjects
CONGO (Democratic Republic); ACTIONS &; defenses (Law); PUBLIC finance; MISCONDUCT in public office; ECONOMIC impact; PUBLIC spending; INVESTMENT of public funds; FINANCIAL management; FINANCIAL executives; SASSOU-Nguesso, Denis, 1943-; KENSINGTON (Company); CORRUPTION; ECONOMIC history
- Publication
Africa Research Bulletin: Economic, Financial & Technical Series, 2007, Vol 44, Issue 7, p17485
- ISSN
2053-227X
- Publication type
Article