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Arabica Robusta

Vulture fund wins case against cash-strapped Congo - 0 views

www.smh.com.au/...pped-congo-20101221-194fj.html

vulture fund congo fGhemisphere

shared by Arabica Robusta on 21 Dec 10 - No Cached
  • FG, which was founded by a pair of former Morgan Stanley and Lehman Brothers consultants, made the claim because it bought the ''distressed debt'' owed to Energoinvest, the Yugoslav company which financed the construction of a high-voltage electric power transmission line in the Congo in 1980.
Arabica Robusta

Pambazuka - Land grabs: Africa's new 'resource curse'? - 0 views

www.pambazuka.org/...60526

food security international crisis development pambazuka foodsecurity agribusiness biofuels agriculture mozambique

shared by Arabica Robusta on 27 Nov 09 - Cached
  • But with Africa losing an estimated US$148 billion in development finance each year, 60 per cent as a result of multinational mispricing, in addition to the direct servicing of odious debts – (amounting to a global figure of US$560 billion per annum of an outstanding US$2.9 trillion), little or no rents derived from the liquidation of exhaustible resources is redistributed in intangible capital. This is precisely because across Africa citizens are not required to finance the state budget – as occurs in high-income countries through intangible capital – they lack the political representation necessary to influence policies and usurped power structures.
    • Arabica Robusta
      Arabica Robusta on 27 Nov 09
       
      Food crisis, farmland and debt: Africa losing est $148 bn per year to MNC mispricing and servicing of odious debts.
  • The terms differ from country to country, with the bulk of Ghana’s leased land allocated for export, in contrast to Ethiopia’s mixed status, but the issue remains one of control and exploitation, whether it is over local food monopolies or exported crops.
  • over 100 known specialised land funds and investments firms have embarked on ‘private sector’ land grabs, including well-known entities such as Morgan Stanley. Facilitating this process is the International Finance Corporation (IFC), the private sector arm of the World Bank group, ensuring for investors the ‘enabling environments’ and positive ‘investment climates’ required for the extractive industries, such as repatriation of profits and tax ‘competition’. From 1991-2002, deregulation proposed by IFIs composed 95 per cent of changes implemented in host countries.
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  • development finance siphoned from Africa, whether through the extractive industries, or land grabs, are unlikely to be revealed as the IMF scrapped mandatory information exchange. Global watchdogs, such as the Financial Action Task Force (FATF) remained beholden to high-income nations as a ‘subsidiary’ unit in the Organisation of Economic Co-operation and Development (OECD). Meanwhile, the International Accounting Standard Board (IASB), founded and finance by the ‘big four’ accounting firms – maintaining units in secrecy jurisdictions such as the Cayman Islands – prefers multinationals to self-regulate trade via arms length transfer. What this effectively does is enable multinationals, conducting 60 per cent of global trade within rather than between corporations, to determine the future of entire continents such as Africa, where primary commodities – extracted by corporations, account for 80 per cent of exports.
  • Studies by the International Institute for Environment and Development (IIED) revealed, ‘Many countries do not have sufficient mechanisms to protect local rights and take account of local interests, livelihoods, and welfare. Moreover, local communities are rarely adequately informed about the land concessions that are made to private companies. Insecure local land rights, inaccessible registration procedures, vaguely defined productive use requirements, legislative gaps, and other factors all too often undermine the position of local people vis-à-vis international actors.’[1]
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