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Article

12 Aug 2011

Author:
Global Witness

Revelations in the Economist: The Queensway syndicate and the Africa trade

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Revelations in today’s Economist expose how a syndicate of private companies based in Hong Kong has been able to secure access to vast tracts of Africa’s current and future natural resource wealth in deals struck behind closed doors with pariah regimes...The syndicate secures access to resources by offering much needed investment in developing countries’ economies and infrastructure. However, very few of the promised benefits are materialising...Global Witness is calling for urgent measures to regulate how access to natural resources is given...This shift...would benefit the citizens of resource rich countries and legitimate businesses...Terms of natural resources deals should be made public – particularly RFI [resources-for-investment] deals...