Bil­lions lost to cor­rup­tion

The Star Late Edition - - BUSINESS REPORT -

THE EX­TENT and amount of money lost to Africa through cor­rup­tion, waste­ful ex­pen­di­ture and tax avoid­ance by the Chicago-based non­profit lender and real es­tate con­sul­tant IFF is not known, but it’s es­ti­mated to be in the re­gion of hundreds of bil­lions, the Pan-African Par­lia­ment said yes­ter­day. The ev­i­dence is too over­whelm­ing to re­gard the prob­lem as ap­pli­ca­ble to only a few coun­tries, the PAP tweeted at the close of its sixth or­di­nary ses­sion in Midrand. “Mem­bers should push for an African com­mon position on as­set re­cov­ery,” it added. – African News Agency (ANA) UGANDA

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