Sanitised case 27
AA is a foundation that lends money to African governments who cannot raise credit and are paid back through the sale of oil. AA has extensive experience in this activity having worked with Middle Eastern governments for many years and completing many infrastructure/humanitarian projects. Due to the nature of the work undertaken by AA the disclosing institution had designated the company as high risk and as PEP. Research carried out by the disclosing institution has led to the conclusion that it was a legitimate business, also highly respected in the Middle East.
USD 33 million was received in AA’s account from an expected source, a London oil trader (BB). This money was provided by an African Government (CC) to pay AA finance to carry out Humanitarian project work in CC. One month later a request was received from AA to the disclosing institution to transfer $18 million to an oil supplier in the country governed by CC. The rational for this was the Government was placing some of the project work on hold and therefore required some of the money back.
Enquiries revealed that the person requesting the return of the funds Mr E was the Administrator General of the oil supplier, which was the marketing arm of the state oil company for CC. Further enquiries revealed that Mr E was the son of the president of the CC.
There are numerous detrimental media reports on Mr E and his father, linking both to corruption and abuse of position. There was a real suspicion that this $18 million to FF would be diverted into accounts held by Mr E and his father.
There are ongoing interests’ world wide on the African Government and its president. The activities of the beneficial owners of AA have proved to be of interest to a number of jurisdictions.
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