An Anatomy of Grand Fraud: The Goldenberg Scandal and the IMF/World Bank

This article considers the largest documented ‘gold’ fraud on the African continent to this day[1]. The scheme involved, Goldenberg International Limited that would ‘export gold and diamonds fictitiously’ in exchange for substantial subsidies from the government for ‘earning’ foreign exchange. This constitutes an important case study of the interaction between the creation of a partially liberalized trade and exchange rate policy environment in Kenya and the deeply embedded culture of corruption in the country that was the cause in effect of the GIL scandal. Keywords: Goldenberg, Gold, Fraud, Africa DOI: 10.7176/PPAR/10-2-02 Publication date: February 29th 2020 [1] This paper is dedicated to the memory of the late David Sadera Munyakei who, while working as a clerk for the Central Bank of Kenya, provided information to opposition members of the Kenyan parliament in 1993 on the ‘exports’ of gold by Goldenberg. For his trouble Mr Munyakei was, fired from the Central Bank of Kenya, imprisoned and spent the rest of his life in relative poverty in Mombasa. This is a reminder, if more were ever needed, of the high price that honest men and women pay for telling the truth. He died in 2006

Structural Changes of the 21st Century and their Impact on the Gold Price

Beginning in the trough of 2000 and culminating in the peak of 2012, gold prices have exhibited a spectacular and unparalleled increase. Based on annual averages, the price of gold did not decrease at all over this 12 year period. The paper considers the various factors that have shaped the surge of gold spot prices over the last two decades using quarterly data. The analysis considers the role of structural changes such as China’s liberalization of the domestic gold market post-2003 and its impact on demand as well as other important economic factors such as risk, the role of quantitative easing and other fundamental factors in the gold market. The study investigates which of the macroeconomic and structural factors are responsible for the long term bullish trend in the gold price, of which China, global economic risk assessments along with quantitative easing have been crucial to understanding the almost uninterrupted price increase over the period

Dubai: Conflict gold, money laundering and illicit global trade

This article considers the role that the UAE and, in particular, Dubai has played in the trade in gold between Asia, Europe and Africa. In the 21st century, Dubai has emerged rapidly as one of the focal points in the illicit gold trade and money laundering. Many authors who have focused on African gold production have concentrated almost solely on Dubai as an export market for African gold. However, this approach is flawed because the country has no LBMA accredited refinery and so gold from Dubai must be reprocessed in other countries in order to enter the global value chain, irrespective of its provenance

Adaptative Potential of the Lactococcus Lactis IL594 Strain Encoded in Its 7 Plasmids

The extrachromosomal gene pool plays a significant role both in evolution and in the environmental adaptation of bacteria. The L. lactis subsp. lactis IL594 strain contains seven plasmids, named pIL1 to pIL7, and is the parental strain of the plasmid-free L. lactis IL1403, which is one of the best characterized lactococcal strains of LAB. Complete nucleotide sequences of pIL1 (6,382 bp), pIL2 (8,277 bp), pIL3 (19,244 bp), pIL4 (48,979), pIL5 (23,395), pIL6 (28,435 bp) and pIL7 (28,546) were established and deposited in the generally accessible database (GeneBank). Nine highly homologous repB-containing replicons, belonging to the lactococcal theta-type replicons, have been identified on the seven plasmids. Moreover, a putative region involved in conjugative plasmid mobilization was found on four plasmids, through identification of the presence of mob genes and/or oriT sequences. Detailed bioinformatic analysis of the plasmid nucleotide sequences provided new insight into the repertoire of plasmid-encoded functions in L. lactis, and indicated that plasmid genes from IL594 strain can be important for L. lactis adaptation to specific environmental conditions (e.g. genes coding for proteins involved in DNA repair or cold shock response) as well as for technological processes (e.g. genes encoding citrate and lactose utilization, oligopeptide transport, restriction-modification system). Moreover, global gene analysis indicated cooperation between plasmid- and chromosome-encoded metabolic pathways

Fisheries subsidies, the WTO and the Pacific Island tuna fisheries

Focuses on fisheries trade, regulated under the Agreement on Subsidies and Countervailing Measures outside the World Trade Organization agreement. Suggests much stricter discipline is needed for the sector, led by the environmental interest, the USA and New Zealand. Relates fish stock depletion to subsides, which are not quantifiable, in order to create a free market and efficient producers. Points out that technology and high incomes created the fish stock depletion, so subsidies are irrelevant; while all World Trade Organization members subsidize fisheries, none can be found to attack it. Proposes new World Trade Organization disciplines for licensing, training and compensating fishermen, reducing effort and increasing fees, and for discouraging overfishing by foreign fleets. Concludes that new agreements should protect Pacific islands wishing to gain from their tuna stocks while protecting fish stocks

Liberalising Global Labour Markets: Recent Developments at the WTO

The paper considers the GATS commitments made by WTO members on the movement of natural persons (mode 4) since the completion of the Uruguay Round. Two groups of demandeurs exist for liberalisation. The first are developed countries which have sought market access for intra-corporate transferees (ICTs) and professionals. While developing countries were demandeurs during the Uruguay Round negotiations they gained little during the round and have made substantial concessions during the process of WTO accession. These commitments made by developing countries have not only been in the traditional areas such as ICTs but in new areas such as "trading rights", which are GATT commitments with unclear and untested implications for the GATS under mode 3 and mode 4. In the run-up to a new round of negotiations on services, new and very innovative proposals have come from labour-exporting developing countries such as India for the liberalisation of mode 4. The paper considers a wide range of mode 4 proposals made by WTO members, some of which will have profound effects upon global labour markets