The Sad State of Captain Tom’s Legacy.

In 2020, at the beginning of COVID, a 99-year-old British World War II veteran Captain Tom Moore captured the hearts of a nation by walking laps in his back garden. In a time of deep uncertainty and fear about an ever-growing pandemic, Captain Tom gave everyone hope. He raised £38 million for National Health Service (NHS) charities and was knighted for his efforts. However, since then, much of the initial goodwill has receded as the charity sent up by his daughter, Hannah Ingram-Moore, has been embroiled in scandal.

A few weeks ago, the Guardian reported that the charity in question called the Captain Tom Fund, has stopped receiving money from donations after it emerged that a building attached to Ingram-Moore’s house, purported to be office space, was denied retrospective planning permission (an essential step in the UK for any new construction). It emerged that the building was not an office but a recreational space, including a swimming pool and changing rooms. Subsequently, Central Bedfordshire Council, which rules on planning issues, ordered the building to be torn down. This is on top of questions being asked about the charity’s governance and where the donations were ending up. Captain Tom lifted many people’s spirits, and seeing his legacy being sullied by family members is profoundly sad.  

Australia’s National Anti-Corruption Commences Operations.

Last week the National Anti-Corruption Commission (NACC) came into existence. Creating a more robust Anti-Corruption body was a significant priority of the new Labour government under Prime Minister Anthony Albanese. According to ABC News (Australia), the NACC will investigate “Serious and Systemic” Corruption. The NACC will also be open to anyone who believes they have evidence of potential corrupt behavior. According to an article in Nine News, 300 online referrals and 100 phone calls detailing possible malfeasance have been submitted.

One of the most high-profile cases so far involves the accounting firm PWC. According to a report by Yahoo, PWC is alleged to have shared confidential tax details from the Australian treasury as a way to increase business. A senator for the Green Party, Barbara Pococok, filed a referral to the NACC because she felt that the Australian tax office and the Australian federal police, as well as PWC, have serious questions to answer. A report in WAtoday.com says that the Green Party is only getting started, and they plan to make more NACC referrals. Unlike other Western countries, Australia is serious about rooting out societal corruption.   

Is Thames Water Going Down the Drain?

This week in the UK, Thames Water, the company that supplies water to London and the South of England, faces an uncertain future. It has racked up debts of nearly £15 billion, and the UK government will likely have to bail the company out. Thames was privatized during Margaret Thatcher’s premiership in the 1980s, and since then, different entities have bought portions of the company. According to an article in The Independent, the single largest shareholder is a Canadian pension fund called the Ontario Municipal Employees Retirement System, which holds around 32 percent of the company. On top of that, the sovereign wealth funds of both Abu Dhabi and China. While there may not be any outright corruption, there is a valid question: why would a bunch of pension funds and sovereign wealth funds want a piece of a British water company? Besides making money, the whole situation seems murkier than the Thames. The future of Thames Water is uncertain; however, this proves that the Renationalization of crucial industries in the UK should be considered.

Putin vs. Prigozhin: a Struggle For Power In Russia.

This past weekend, the ongoing conflict involving Ukraine and Russia took an unexpected turn. Yevgeny Prigozhin accused President Putin of attacking members of his Wagner paramilitary group. It is well known that relations between the Russian army and Wagner are not cordial. On Friday night, rumors of serious unrest between the two parties emerged. On Saturday morning, numerous reports of Wagner forces streaming toward Moscow, seemingly to confront the high command. Barricades were erected to try and prevent any possibility of a coup. As all of this transpired, the Russian government announced that legal proceedings were being filed against him. Then, suddenly his forces turned back towards Rostov, and it was announced that he would be exiled to Belarus and any charges against him would be dropped.   

According to an article from today’s New York Times, Prigozhin stated in a rambling audio message that the motivation for the protest was not to overthrow Putin’s government. It was instead a response to a move by the Russian army to force Wagner fighters to be co-opted into the regular army. Nonetheless, Prigozhin’s actions severely threatened Putin’s legitimacy as president. An article from The Guardian adds that Putin is weaker than he has ever been and that aligning himself with Wagner is proving to be a mistake that could lead to him being deposed as leader. Another critical component is how this impacts the fighting in Ukraine; according to another article by the New York Times, there is hope among the Ukrainian military that the current internal strife within Russia could lead to gains on the battlefield. It is an ongoing and complex story that could go in many directions and lead to many globally significant events.  

Paris 2024 Olympic Committee in Corruption Scandal.

Today, French financial police raided the headquarters of the Paris 2024 Olympic Committee. According to Reuters, officers were looking into allegations of favoritism and embezzlement of public funds. A report in Politico states that the office of the French financial prosecutor (PNF) is also looking into allegations of misconduct at Solideo, an organization related to Olympic construction projects. Corruption and the Olympics have a rich history; in recent years, the Olympics in Rio and Tokyo have been dogged by corruption scandals. Despite the Olympic Committee partnering with Transparency International, Paris 2024 may be in the running for a gold medal in malfeasance.   

ProMedica and Toledo: How Big Healthcare Isn’t the Cure-All For Development.

Last week I was in Toledo, Ohio, a city in middle America that has suffered due to the decline of American manufacturing. It has a beautiful library and baseball stadium and has aspirations of renewal. Walking around town, I noticed several large buildings with the branding of a company called ProMedica. I had never heard of the company before and was curious about what it did and how it gained such a large local footprint. In talking to several people around town, I quickly got the impression that the company had recently run into financial difficulties due to the COVID Pandemic.

According to wtol.com, as of May 23rd of this year, ProMedica had sold off its hospice and home healthcare business for $710 million to pay down its existing debts. They aim to return to their core business of running hospitals in the mid-west. As a result of this downsizing, according to Wtol, around 200 nursing employees have been laid off. On top of all the laid-offs and selling off unprofitable businesses, ProMedica has also lessened investment in Toledo. Recently, they announced that they would invest $10 million into redeveloping the riverwalk; however, in March of this year, ProMedica announced that they pulled out of that partnership due to financial issues. This highlights the perils of allowing one company to dominate a city; if that company fails, the whole town suffers.   

Where in the World is Jho Low? 

Recently, numerous reports have surfaced regarding the whereabouts of the fugitive Malaysian financier Jho Low. Low is involved in the infamous 1MDB scandal, which involved Low stealing billions of dollars from a now dormant Malaysian government fund. According to a report by Reuters, Low was spotted in Macau hiding out from the international authorities aiming to bring him to justice. Macau, a haven for gambling, increases the possibility that Low was frittering away his ill-gotten gains at the baccarat tables. Yesterday it was reported by al-Jazeera that a close associate of Jho Low named Kee Kok Thiam died of a “sudden massive stroke” shortly after the Malaysian Anti-Corruption Commission (MACC) confirmed that Thiam was the one who confirmed Low’s whereabouts. The big question is, was Thiam’s death of natural causes, or did Low play a role in Thiam’s untimely demise?    

Lebanon Still Plagued by Corruption Issues.

Recently, the Lebanese central bank head has been summoned back to the country for questioning. According to a report by AP News, Riad Salameh is facing many financial crimes, including, but limited to, illicit enrichment and money laundering of $330 million. Salameh is facing possible investigations in Germany, Luxembourg, France, and Lebanon. A report by the Washington Post suggests that Lebanon may not send Salameh over to French authorities despite France issuing an Interpol warrant for Salameh’s arrest. The legal wrangling over Salameh appears to be unresolved for some time.

Along with Salameh’s travails, Lebanon has been “grey listed” by the Financial Action Task Force (FATF). FATF will closely monitor Lebanon’s efforts to combat money laundering and other financial crimes. According to a report by Reuters, Lebanon scored as only partially compliant in enacting money laundering laws and transparency regarding shell companies. This is another blow to an economy already suffering from high inflation post-COVID-19. Lebanon has much to do if it wants to make progress in eradicating corruption.     

Indian Cricket Embroiled in Corruption Scandal.

In recent days Indian cricket has been embroiled in a corruption scandal. According to an article in ESPN, the International Cricket Council (ICC) has charged Indian umpire Jatin Kashyap failed to cooperate with the ICC’s anti-corruption unit. According to a statement by the ICC, Kashyap has been charged with failing to provide accurate or complete information to the ICC’s Anti-Corruption Unit (ACU) and possibly obstructing the investigation. From all the available reporting, it is unclear what exactly could have caused this investigation to be started. However, cricket has had a history of match-fixing scandals before, and if this story is true, it could spell trouble for Indian cricket.   

Sarkozy Loses Appeal on Corruption Charge.  

The former president of France, Nicolas Sarkozy, has lost his appeal against a prison sentence relating to corruption charges. According to the BBC, Sarkozy was sentenced to three years in prison after being found guilty of attempting to influence a judge. Sarkozy offered the judge a job in Monaco in return for information about the status of an investigation centering on allegations of whether or not the Libyan government gave money to his presidential campaign.  Reuters reports that despite being sentenced to three years, two are suspended, and Sarkozy will wear an electronic tag for the other year. Sarkozy is facing several further criminal investigations, so, likely, he is not out of trouble yet.