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  • Indonesian Court Orders Suharto Case. An Indonesian judge, in a pretrial hearing to review suits filed by three activist groups, ordered a corruption case against former dictator Haji Mohammad Suharto be reopened after ruling its May 10, 2006 dismissal by the attorney general, who dropped the case in light of Mr. Suharto’s failing health, was illegal, reported the Jakarta Post on June 12, 2006. See Archived News for earlier coverage.

  • Update: Goldenberg Trial Begins (All Africa, June 9, 2006)

    Charges in Kenyan Corruption Scandals. On March 16, 2006 The Independent, SA reported that Kenya's attorney-general charged five men, including the former governor of the central bank, with fraud. The suspects were allegedly involved in the "Goldenberg" affair, the country's biggest graft scandal, which involved the payment of large cash subsidies for non-existent gold and diamond exports by a firm called Goldenberg International, 14 years ago. The charges, which came the same week as two top health officials were fired under suspicion of graft (See the East African Standard) signals a growing willingness by Kenyan prosecutors to tackle the country's much publicized corruption crisis.

  • BP Faces Grand Jury Probe Over March Alaska Oil Spill. Bloomberg reported on June 8, 2006, that BP Plc, the world's second-largest publicly traded oil company, said a U.S. federal grand jury is investigating a March oil spill in Alaska. The leak of about 6,400 barrels of crude oil from a pipeline in Prudhoe Bay, Alaska, was discovered on March 2, almost a year after BP suffered an explosion at a refinery in Texas City, Texas, that killed 15 workers and led to the biggest-ever fine by U.S. refinery safety regulators.

  • Japan Arrests Corporate Raider on Securities Charges. On June 6, 2006 The New York Times reported that the self-proclaimed corporate raider, Yoshiaki Murakami, who struck fear into Japan's insider-run boardrooms by demanding American-style shareholder rights was arrested on Monday on suspicion of insider trading. Mr Murakami is accused of trading 9.95 billion yen (US $90 million) worth of shares in Nippon Broadcasting (NBS) with insider knowledge that Livedoor, an internet services company, would begin a takeover bid for NBS.

  • Bulgaria Presents Anti-Corruption Plan to EC. On June 5, 2006 Sofia Echo reported that Bulgaria will present on June 6 an anti-corruption action plan to the European Commission (EC), an initiative of the Bulgarian government to speed up anti-corruption reforms as a result of the criticism of a May 16 EC report on the country's readiness to join the European Union. The plan will include a unit to fight high-level corruption, measures for the income inspection and sanctioning of politicians and magistrates and plans to increase transparency in political party financing.

  • Former Paraguayan President Convicted of Corruption. Former Paraguayan President Luis Gonzalez Macchi, who left office in 2003, has been sentenced to six years in prison on corruption charges, reported Voice of America on June 6, 2006. A Paraguayan court found Gonzalez Macchi guilty of embezzling $16 million from two collapsed banks.

  • Bawag To Pay $675m in Refco Case. Bawag, the Austrian bank, has agreed to pay at least US $675m and co-operate with prosecutors under a settlement announced yesterday with US officials investigating the collapse of Refco, the brokerage, reported the Financial Times on June 6, 2006. Bawag's role in the Refco fiasco surfaced after the brokerage said in October 2005 that its former chief executive had allegedly concealed from Refco investors a $430m debt by an entity that he managed, an admission that triggered the company's collapse.

  • Taiwan's President Cedes Power Amid Scandals. The president of Taiwan, Chen Shui-bian, vowed to cede his policy-making and cabinet appointment powers to his premier, Su Tseng-chan, in the midst of public outrage over insider-trading and corruption allegations against Mr. Shui-bian and people close to him, reported the China Daily on June 2, 2006.

  • US Regulators Drop Civil Case Against Quattrone. On June 2, 2006 The Wall Street Journal reported that the National Association of Securities Dealers (NASD) has dropped civil charges of improper conduct and stock-research bias against the former investment-banking star, Frank Quattrone, granting him his third legal win in three months in cases that arose from the Internet-stock bubble of 1999-2000. Mr. Quattrone still faces a possible criminal retrial of obstruction-of-justice charges.

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