Offshore Firm Helped Billionaires Plunder Africa*
Mossack Fonseca, the offshore law firm at the heart of the Panama Papers leak, helped politicians, their families and businessmen rob Africa of billions of dollars, according to a new investigation.
The International Consortium of Investigative Journalists, which published the leak along with dozens of international media, found that 44 of 54 African countries have a total of at least 37 mining, oil and mineral companies connected to offshore accounts.
Their research, published Sunday, focuses on a case in Algeria, where Farid Bedjaoui, nephew of a former Algerian foreign minister, arranged US$275 million in bribes through offshore companies to award US$10 billion oil contracts.
Twelve of the 17 companies he used were created by Mossack Fonseca in a “crossroads of illicit financial flows,”…
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