The current opacity on how money changes hands has cooked up predictable outcomes. According to Nigerias corruption agency, as much as $400-billion (U.S.) in oil cash has been stolen or wasted during the past 50 years…
TOBY HEAPS
From Tuesday’s Globe and Mail Published Tuesday, Mar. 22, 2011 2:00AM EDT
The simultaneously shifting sands under the feet of North African despots and resource companies listed on the New York Stock Exchange provide an extraordinary opportunity for Canada to become the gold standard for corporate transparency.
Canada punches way above its relative lightweight status in the global economy (2 per cent of global GDP) because more than two-thirds of the worlds mining companies are listed on our stock exchange. Since acquired by Suncor, Petro-Canadas $1-billion signing bonus to the Gadhafi regime is only the tip of the iceberg. From Burma to Madagascar, there are more than 25 despotic states where Canadian-listed companies are the No. 1 foreign investor.
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