World

Corruption in Switzerland, instructions for use | Latest News Headlines

Corruption in Switzerland, instructions for use
| Local Business News | Yahoo news

GENEVA LETTER

There is not a drop of oil in Switzerland, yet all sales of crude oil from the Azerbaijani sector of the Caspian Sea go through the seventh floor of a modern building in central Geneva, where the Socar (State Oil Company of Azerbaijan ) set up its trading operations ten years ago. Siberian black gold follows the same path, through other well-established trading companies; dozens of new players have arrived in Switzerland in recent years to drive a booming commodities sector.

Geneva is the main Swiss hub, but it is now the entire Lake Geneva region that is home to trading structures, large or small, while the German-speaking canton of Zug, a tax haven, is the seat of the sulphurous mining giant Glencore ( coal, copper, cobalt) or even Russian Nord Stream 1 and 2 pipelines. For years, the Cassandras of this economic miracle have warned: sooner or later, the opacity of operations will damage Switzerland’s reputation.

Read also Article reserved for our subscribers “Paradise Papers”: Glencore, the mining giant with 107 offshore companies

In fact, some spectacular trials have taken place recently, such as that of Franco-Israeli businessman Beny Steinmetz, convicted in January in Geneva for corruption in a mining license case in Guinea. But, for the most part, the penalties remain light, investigations rare and the authorities’ curiosity little sharpened. This is how the NGO Public Eye, which specializes in these complex investigations that the prosecution forgets to investigate, has just published its “guide to corruption in Switzerland”, for “Get the best out” from the country.

The tone is playful and sarcastic, the objective, precise: “Pointing out the legislative gaps in Switzerland in the fight against corruption, for example the fact that legal advisers are not subject to the law on money laundering. We also insist on the ridiculous sanctions to which companies which do not “take the necessary organizational measures” to prevent corruption are exposed, as in the case of Gunvor in Congo-Brazzaville ”, explains Géraldine Viret of Public Eye.

Indifference of public opinion

For a decade, the NGO has been investigating long-term thanks to three investigative journalists, two for raw materials and economic crime, one for sectors such as textiles, pharmaceuticals or agrochemicals. She publishes the results of her research several times a year, which are all revelations. Their impact is nevertheless limited, even if they can lead to criminal denunciations when the bundle of elements gathered is sufficient. Faced with the general apathy, it was therefore necessary to strike a blow.

You have 55.43% of this article to read. The rest is for subscribers only.

Corruption in Switzerland, instructions for use
| Business Top Stories Yahoo news

News Portal

28 years I have 5 years experience in journalism, and I care about news, celebrity news, technical news, as well as fashion, and was published in many international electronic magazines, and I live in Paris - France, and you can write to me: eleanor@newsportal365.com

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

three × 2 =

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button