More Foreign Assets Identified

Correspondent reports indicate that millions of dollars have been paid into foreign accounts and used in buying very expensive properties.

The millions of dollars are from kickbacks and bribes which were paid not only to politicians but also to highly placed public/civil servants and people known as influence Peddlers. This follows some sensational breakthroughs by an American company that specializes in tracing stolen funds in foreign accounts and properties. The same company helped the Nigerian government recover nearly $3 billion stolen funds.

Correspondent reports indicate that the breakthroughs came on two fronts, one from those who paid the bribes and kickbacks. The other was unexpected and highly suspicious movement of bank account and haste in disposing of expensive properties at discount prices. The last of such transactions was sighted in April this year. Two companies, operating in Ghana but with headquarters in Europe, made some unexpected admissions when confronted by officials of the company tracing stolen funds. The officials had very little leads but the first two questions asked opened the floodgates of information. They detailed how they were given options to either pay up the kickbacks or risk losing the deals.

One of them told the officials, “There had been instances where we delayed even in payment of the kickbacks or bribes and we lost those deals. We are prepared to come clean with this government in order to save our businesses but many of the payments were made to public officials and people with close links to those in authority.”

Asked whether the funds were passed on to the political figures mentioned (names withheld,) the reply was startling; “at the time we paid, that is what we thought. But within the last year, we have had firm pieces of evidence that some of the funds were pocketed by those who acted as middlemen and women (influence Peddlers). Perhaps, we were being na?ve but we had some of the leading politicians and their families staying in the European homes of these agents. Who are we to go up to the politicians and ask, “did you receive the cash?”

Another tax haven where a number of funds to were sent but are difficult to trace is Luxemburg. An interesting aspect of the payment of kickbacks and bribes that various correspondents reported is that certain people within the current Kufour administration have also been demanding kickbacks and bribes from some of them. The companies admitted that they are being more careful and those demanding are being a bit circumspect because as one top public official said “in this zero-tolerance era, if alarm blows, your job is on the line and to Fast Track you will go.”