

Currently released so far... 12553 / 251,287
Browse latest releases
2010/12/01
2010/12/02
2010/12/03
2010/12/04
2010/12/05
2010/12/06
2010/12/07
2010/12/08
2010/12/09
2010/12/10
2010/12/11
2010/12/12
2010/12/13
2010/12/14
2010/12/15
2010/12/16
2010/12/17
2010/12/18
2010/12/19
2010/12/20
2010/12/21
2010/12/22
2010/12/23
2010/12/24
2010/12/25
2010/12/26
2010/12/27
2010/12/28
2010/12/29
2010/12/30
2011/01/01
2011/01/02
2011/01/04
2011/01/05
2011/01/07
2011/01/09
2011/01/10
2011/01/11
2011/01/12
2011/01/13
2011/01/14
2011/01/15
2011/01/16
2011/01/17
2011/01/18
2011/01/19
2011/01/20
2011/01/21
2011/01/22
2011/01/23
2011/01/24
2011/01/25
2011/01/26
2011/01/27
2011/01/28
2011/01/29
2011/01/30
2011/01/31
2011/02/01
2011/02/02
2011/02/03
2011/02/04
2011/02/05
2011/02/06
2011/02/07
2011/02/08
2011/02/09
2011/02/10
2011/02/11
2011/02/12
2011/02/13
2011/02/14
2011/02/15
2011/02/16
2011/02/17
2011/02/18
2011/02/19
2011/02/20
2011/02/21
2011/02/22
2011/02/23
2011/02/24
2011/02/25
2011/02/26
2011/02/27
2011/02/28
2011/03/01
2011/03/02
2011/03/03
2011/03/04
2011/03/05
2011/03/06
2011/03/07
2011/03/08
2011/03/09
2011/03/10
2011/03/11
2011/03/13
2011/03/14
2011/03/15
2011/03/16
2011/03/17
2011/03/18
2011/03/19
2011/03/20
2011/03/21
2011/03/22
2011/03/23
2011/03/24
2011/03/25
2011/03/26
2011/03/27
2011/03/28
2011/03/29
2011/03/30
2011/03/31
2011/04/01
2011/04/02
2011/04/03
2011/04/04
2011/04/05
2011/04/06
2011/04/07
2011/04/08
2011/04/09
2011/04/10
2011/04/11
2011/04/12
2011/04/13
2011/04/14
2011/04/15
2011/04/16
2011/04/17
2011/04/18
2011/04/19
2011/04/20
2011/04/21
2011/04/22
2011/04/23
2011/04/24
2011/04/25
2011/04/26
2011/04/27
2011/04/28
2011/04/29
2011/04/30
2011/05/01
2011/05/02
2011/05/03
2011/05/04
2011/05/05
2011/05/06
2011/05/07
2011/05/08
2011/05/09
2011/05/10
2011/05/11
2011/05/12
Browse by creation date
Browse by origin
Embassy Athens
Embassy Asuncion
Embassy Astana
Embassy Asmara
Embassy Ashgabat
Embassy Apia
Embassy Ankara
Embassy Amman
Embassy Algiers
Embassy Addis Ababa
Embassy Accra
Embassy Abuja
Embassy Abu Dhabi
Embassy Abidjan
Consulate Auckland
Consulate Amsterdam
Consulate Adana
American Institute Taiwan, Taipei
Embassy Bujumbura
Embassy Buenos Aires
Embassy Budapest
Embassy Bucharest
Embassy Brussels
Embassy Bridgetown
Embassy Bratislava
Embassy Brasilia
Embassy Bogota
Embassy Bishkek
Embassy Bern
Embassy Berlin
Embassy Belmopan
Embassy Belgrade
Embassy Beirut
Embassy Beijing
Embassy Banjul
Embassy Bangkok
Embassy Bandar Seri Begawan
Embassy Bamako
Embassy Baku
Embassy Baghdad
Consulate Barcelona
Embassy Copenhagen
Embassy Conakry
Embassy Colombo
Embassy Chisinau
Embassy Caracas
Embassy Canberra
Embassy Cairo
Consulate Curacao
Consulate Ciudad Juarez
Consulate Chennai
Consulate Casablanca
Consulate Cape Town
Consulate Calgary
Embassy Dushanbe
Embassy Dublin
Embassy Doha
Embassy Djibouti
Embassy Dili
Embassy Dhaka
Embassy Dar Es Salaam
Embassy Damascus
Embassy Dakar
Consulate Dubai
Embassy Helsinki
Embassy Harare
Embassy Hanoi
Consulate Ho Chi Minh City
Consulate Hermosillo
Consulate Hamilton
Consulate Hamburg
Consulate Halifax
Embassy Kyiv
Embassy Kuwait
Embassy Kuala Lumpur
Embassy Kinshasa
Embassy Kingston
Embassy Kigali
Embassy Khartoum
Embassy Kathmandu
Embassy Kampala
Embassy Kabul
Consulate Kolkata
Embassy Luxembourg
Embassy Luanda
Embassy London
Embassy Ljubljana
Embassy Lisbon
Embassy Lima
Embassy Lilongwe
Embassy La Paz
Consulate Lahore
Consulate Lagos
Mission USOSCE
Mission USNATO
Mission UNESCO
Embassy Muscat
Embassy Moscow
Embassy Montevideo
Embassy Monrovia
Embassy Minsk
Embassy Mexico
Embassy Mbabane
Embassy Maputo
Embassy Manila
Embassy Manama
Embassy Managua
Embassy Malabo
Embassy Madrid
Consulate Munich
Consulate Mumbai
Consulate Montreal
Consulate Monterrey
Consulate Milan
Consulate Melbourne
Embassy Nicosia
Embassy Niamey
Embassy New Delhi
Embassy Ndjamena
Embassy Nassau
Embassy Nairobi
Consulate Naples
Consulate Naha
Embassy Pristina
Embassy Pretoria
Embassy Prague
Embassy Port Of Spain
Embassy Port Louis
Embassy Port Au Prince
Embassy Phnom Penh
Embassy Paris
Embassy Paramaribo
Embassy Panama
Consulate Peshawar
REO Basrah
Embassy Rome
Embassy Riyadh
Embassy Riga
Embassy Reykjavik
Embassy Rangoon
Embassy Rabat
Consulate Rio De Janeiro
Consulate Recife
Secretary of State
Embassy Suva
Embassy Stockholm
Embassy Sofia
Embassy Skopje
Embassy Singapore
Embassy Seoul
Embassy Sarajevo
Embassy Santo Domingo
Embassy Santiago
Embassy Sanaa
Embassy San Salvador
Embassy San Jose
Consulate Strasbourg
Consulate St Petersburg
Consulate Shenyang
Consulate Shanghai
Consulate Sapporo
Consulate Sao Paulo
Embassy Tunis
Embassy Tripoli
Embassy Tokyo
Embassy The Hague
Embassy Tel Aviv
Embassy Tehran
Embassy Tegucigalpa
Embassy Tbilisi
Embassy Tashkent
Embassy Tallinn
Consulate Toronto
Consulate Tijuana
USUN New York
USEU Brussels
US Office Almaty
US Mission Geneva
US Interests Section Havana
US Delegation, Secretary
UNVIE
Embassy Ulaanbaatar
Embassy Vilnius
Embassy Vienna
Embassy Vatican
Embassy Valletta
Consulate Vladivostok
Consulate Vancouver
Browse by tag
APECO
ASEC
AMGT
AFIN
APER
ACABQ
AORC
AEMR
AF
AE
AR
AGMT
AU
AY
ABLD
AS
AG
AJ
APCS
AX
AM
AMEX
ATRN
ADM
AMED
AFGHANISTAN
AZ
AL
ASUP
AND
ARM
ASEAN
AFFAIRS
AQ
ATFN
AMBASSADOR
AODE
APEC
ACBAQ
AFSI
AFSN
AO
ABUD
AC
ADPM
ADCO
ASIG
ARF
AUC
ASEX
AGAO
AA
AER
AVERY
AGRICULTURE
AIT
AADP
ASCH
AORL
AROC
ACOA
ANET
AID
AMCHAMS
AINF
AMG
AFU
AN
ALOW
ASECKFRDCVISKIRFPHUMSMIGEG
ACS
ADANA
AECL
ACAO
AORG
AGR
BEXP
BR
BM
BG
BL
BA
BTIO
BO
BP
BC
BILAT
BK
BU
BD
BRUSSELS
BB
BF
BBSR
BIDEN
BX
BE
BH
BT
BY
BMGT
BWC
BTIU
BN
CA
CASC
CFED
CO
CH
CS
CU
CE
CI
CM
CMGT
CJAN
COM
CG
CIS
CVIS
CR
CKGR
CHR
CVR
COUNTER
CIA
CLINTON
CY
CPAS
CD
CBW
COUNTERTERRORISM
CITEL
CDG
CW
CODEL
COUNTRY
CLEARANCE
COE
CN
CARICOM
CB
CONDOLEEZZA
CWC
CACS
CSW
CIDA
CIC
CITT
CONS
CL
CACM
CDB
CDC
CAN
CF
CJUS
CTM
CBSA
CARSON
CT
CLMT
CBC
CEUDA
CV
COPUOS
CTR
CROS
CAPC
CAC
CNARC
CICTE
CBE
ECON
ETRD
EIND
ENRG
EC
ELAB
EAGR
EAID
EFIS
EFIN
EINV
EUN
EG
EPET
EAIR
EU
ELTN
EWWT
ECIN
ERD
EI
ETTC
EUR
EN
EZ
ETC
ENVI
EMIN
ET
ENVR
ER
ECPS
EINT
EAP
ES
ENIV
ECONOMY
EXTERNAL
EINN
EFTA
ECONOMIC
EPA
EXBS
ECA
ELN
ETRDEINVECINPGOVCS
ENGR
ECUN
ENGY
ECONOMICS
ELECTIONS
EIAR
EINDETRD
EREL
EUC
ECONEFIN
EURN
EDU
ETRDEINVTINTCS
ECIP
ENERG
EFIM
EAIDS
EK
ETRDECONWTOCS
EINVETC
ECONCS
EUNCH
ESA
ECINECONCS
EUREM
ESENV
EFINECONCS
ETRC
ENNP
EAIG
EXIM
EEPET
EINVECONSENVCSJA
EUMEM
ETRA
ERNG
ETRO
ETRN
EINVEFIN
ICTY
IN
IS
IR
IC
IZ
IA
INTERPOL
IAEA
IT
IMO
IO
IV
ID
IRAQI
IEA
INRB
IL
IWC
ITU
ICAO
ISRAELI
ICRC
IIP
IMF
IBRD
ISLAMISTS
ITALY
ITALIAN
ILO
IPR
IQ
IRS
IAHRC
IZPREL
IRAJ
IDP
ILC
ITF
ICJ
IF
ITPHUM
INMARSAT
ISRAEL
IACI
IBET
ITRA
INR
IRC
IDA
ICTR
IGAD
INRA
INRO
IEFIN
INTELSAT
INTERNAL
INDO
ITPGOV
KWMN
KSCA
KDEM
KTFN
KIPR
KCRM
KPAL
KE
KPAO
KPKO
KS
KN
KISL
KFRD
KJUS
KIRF
KFLO
KG
KTIP
KTER
KRCM
KTIA
KGHG
KIRC
KU
KPRP
KMCA
KMPI
KSEO
KNNP
KZ
KNEI
KCOR
KOMC
KCFC
KSTC
KMDR
KFLU
KSAF
KSEP
KSAC
KR
KGIC
KSUM
KWBG
KCIP
KDRG
KOLY
KAWC
KCHG
KHDP
KRVC
KBIO
KAWK
KGCC
KHLS
KBCT
KPLS
KREL
KCFE
KMFO
KV
KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG
KFTFN
KVPR
KTDB
KSPR
KIDE
KVRP
KTEX
KBTR
KTRD
KICC
KCOM
KO
KLIG
KDEMAF
KMRS
KRAD
KOCI
KSTH
KUNR
KNSD
KGIT
KFSC
KHIV
KPAI
KICA
KACT
KHUM
KREC
KSEC
KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG
KCMR
KPIN
KESS
KDEV
KNAR
KNUC
KPWR
KENV
KWWMN
KWMNCS
KPRV
KOM
KBTS
KCRS
KNPP
KWNM
KRFD
KVIR
KTBT
KAID
KRIM
KDDG
KRGY
KHSA
KWMM
KMOC
KSCI
KPAK
KX
KPAONZ
KCGC
KID
KPOA
KIFR
KFIN
KWAC
KOMS
KCRCM
KNUP
KMIG
KNNPMNUC
KERG
KTLA
KCSY
KJUST
MOPS
MARR
MASS
MNUC
MX
MCAP
MO
MR
MI
MD
MK
MA
MP
MY
MTCRE
MOPPS
MASC
MIL
MTS
MLS
MILI
MAR
MU
MEPN
MAPP
MTCR
MEPI
MZ
MEETINGS
MG
MW
MAS
MT
MCC
MIK
ML
MARAD
MV
MERCOSUR
MTRE
MPOS
MEPP
MILITARY
MDC
MQADHAFI
MUCN
MRCRE
MAPS
MEDIA
MASSMNUC
MC
NZ
NZUS
NL
NU
NATO
NP
NO
NIPP
NE
NH
NR
NA
NPT
NI
NSF
NG
NSG
NAFTA
NC
NDP
NEW
NRR
NATIONAL
NT
NS
NASA
NAR
NV
NORAD
NSSP
NK
NPA
NGO
NSC
NATOPREL
NW
NPG
NSFO
OPDC
OTRA
OIIP
OREP
OVIP
OSCE
OEXC
OIE
OPRC
OAS
OPIC
OTR
OMIG
OSAC
OFFICIALS
OECD
OSCI
OBSP
OFDA
OPCW
ODIP
OFDP
OES
OPAD
OCII
OHUM
OVP
ON
OIC
OCS
PHUM
PREL
PGOV
PINR
PTER
PARM
PREF
PM
PE
PINS
PK
PHSA
PBTS
PRGOV
PA
PORG
PP
PS
PGOF
PL
PO
PARMS
PKFK
PSOE
PEPR
PAK
POL
PPA
PINT
PMAR
PRELP
PREFA
PALESTINIAN
PBIO
PINF
PNG
PMIL
PFOR
PUNE
PGOVLO
PAO
POLITICS
PHUMBA
PSEPC
PTBS
PCUL
PROP
PNAT
PNR
POLINT
PGOVE
PROG
PHALANAGE
PARTY
PDEM
PECON
PROV
PHUMPREL
PGOC
PY
PCI
PLN
PDOV
PREO
PGIV
PHUH
PAS
PU
POGOV
PF
PINL
POV
PAHO
PRL
PG
PRAM
POLITICAL
PARTIES
POLICY
PGOVSMIGKCRMKWMNPHUMCVISKFRDCA
PGGV
PHUS
PSA
PHUMPGOV
PEL
PSI
PAIGH
POSTS
PBT
PTERE
RS
RU
RW
RM
RO
RP
REGION
RSP
RF
RICE
RCMP
RFE
RIGHTS
RIGHTSPOLMIL
ROBERT
RUPREL
RELATIONS
ROOD
REACTION
RSO
REPORT
SENV
SNAR
SCUL
SR
SC
SOCI
SMIG
SI
SP
SU
SO
SW
SY
SA
SZ
SAN
SF
SN
STEINBERG
SG
ST
SIPDIS
SNARIZ
SNARN
SSA
SK
SPCVIS
SOFA
SAARC
SL
SEVN
SARS
SIPRS
SHUM
SANC
SWE
SHI
SYR
SNARCS
SPCE
SYRIA
SEN
SH
SCRS
SENVKGHG
TRGY
TSPL
TPHY
TSPA
TBIO
TI
TW
THPY
TX
TU
TS
TZ
TC
TH
TT
TIP
TO
TERRORISM
TRSY
TINT
TN
TURKEY
TBID
TL
TV
TNGD
TD
TF
TP
TFIN
TAGS
TK
TR
UNSC
UK
UNGA
UN
US
UNHRC
UG
UP
UNMIK
UNHCR
UE
USTR
UNVIE
UAE
UZ
UY
UNO
UNESCO
USEU
USOAS
UV
UNODC
UNCHS
UNFICYP
UNEP
UNIDROIT
UNDESCO
UNDP
UNPUOS
UNC
UNAUS
USUN
UNCHC
UNCHR
UNCND
UNICEF
UNCSD
UNDC
USNC
USPS
USAID
Browse by classification
Community resources
courage is contagious
Viewing cable 09YAOUNDE608, C) CENTRAL BANK SOURCE: "GABONESE STOLE $40
If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs
Understanding cables
Every cable message consists of three parts:
- The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
- The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
- The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #09YAOUNDE608.
Reference ID | Created | Released | Classification | Origin |
---|---|---|---|---|
09YAOUNDE608 | 2009-07-07 12:58 | 2010-12-28 21:30 | CONFIDENTIAL | Embassy Yaounde |
VZCZCXRO5655
RR RUEHBZ RUEHDU RUEHMR RUEHPA RUEHRN RUEHTRO
DE RUEHYD #0608/01 1881258
ZNY CCCCC ZZH
R 071258Z JUL 09
FM AMEMBASSY YAOUNDE
TO RUEHC/SECSTATE WASHDC 0076
INFO RUEHZO/AFRICAN UNION COLLECTIVE
RHMFISS/HQ USAFRICOM STUTTGART GE
RUEATRS/DEPT OF TREASURY WASHDC
C O N F I D E N T I A L SECTION 01 OF 02 YAOUNDE 000608
SIPDIS
E.O. 12958: DECL: 06/29/2019
TAGS: KCOR EFIN PREL PGOV ECON CM
SUBJECT: (C) CENTRAL BANK SOURCE: "GABONESE STOLE $40
MILLION, FUNNELED SOME TO FRENCH POLITICS"
REF: YAOUNDE 147
Classified By: Political Officer Tad Brown for Reasons 1.4 b and d.
¶1. (C) Summary. Senior Gabonese officials in the Bank of
Central African States (BEAC) colluded to embezzle more
than 18.3 billion CFA (about $36 million) from the pooled
reserves of the six states of the Central African Economic
and Monetary Community (CEMAC) over the past five years,
according to a senior Embassy contact at the bank. In a
June 12 meeting with Poloff, the source, a senior
third-country national, said BEAC discovered the crime
during internal audits conducted in the wake of revelations
that Gabonese national and BEAC Governor Philip Andzembe
had covertly placed 500 million Euros in high-risk
investmentQwith French bank Societe Generale (reftel).
According to the Embassy source, senior Gabonese political
leadership, including the late President Omar Bongo and his
son, Defense Minister and presidential hopeful, Ali Bongo
benefitted from the embezzlement. The source said Gabonese
officials used the proceeds for their own enrichment and,
at Bongo's direction, funneled funds to French political
parties, including in support of French President
Nicholas Sarkozy. End summary.
Audit Reveals Deeper Issues
---------------------------
¶2. (C) The BEAC official asked Poloff to meet on June 12
to discuss "a sensitive issue that I want the U.S. to hear
about from me, before it appears in the media." Recalling
the political tensions created by the revelation that BEAC
Governor and Gabonese national Philip Andzembe had, in
violation of BEAC regulations and unbeknownst to the BEAC
board, placed 500 million euro of BEAC deposits in a
high-risk investment with French bank Societe Generale
(Reftel), the BEAC official said the consequent review of
BEAC's accounts had revealed even broader and more brazen
malfeasance linked to a hierarchy of Gabonese officials
throughout BEAC. (Note: Under the agreement that created
BEAC in 1972 it was decided that, in light of their relative
economic predominance in the region, Cameroon would host
BEAC's headquarters while Gabon would maintain exclusive
power to appoint the BEAC Governor. For more information
on how the politics of oil of affected the region and BEAC
see reftel. End note.)
The Easy Way to Rob a Bank
--------------------------
¶3. (C) The BEAC official explained that Gabonese
President Bongo's control of BEAC was more extensive than
the Governor's office; the Director of Accounting, the
Deputy Director of Accounting, the officials overseeing
international wire transfers, and the accountant in BEAC's
Paris branch have all been Gabonese nationals appointed by
Bongo. Working in concert, these officials were able to
subvert BEAC's safeguards. The Paris accountant was, until
recently, Gabonese national Armand Brice Nzamba, who is a
close personal friend of Ali Bongo, according to Post's
contact at BEAC. The BEAC official said BEAC had contacted
the Paris "financial police" who were investigating Nzamba
until he fled France earlier this year. Gabonese national
Maurice Moutsinga served as the Director of Accounting in
BEAC Headquarters for 20 years until his retirement in
¶2007.
¶4. (C) The embezzlement moved through three main
Channels, according to the official:
--in checks made out in the names of the BEAC officials
themselves; BEAC's investigations have already tracked 18.3
billion CFA ($36.6 million) that were embezzled in checks
made out in the name of Gabonese officials. As a result,
Nzamba accumulated personal wealth of more than of more 1
billion CFA ($2 million) on an annual salary of about
$36,000;
--in checks made payable to shell companies; the main
recipients were Papieterie Classique and Tour 55 in France
and Chaiab in Morocco, and;
--in checks made out to Gabonese politicians, including the
wife of Leon Mebiane, who was Gabon's Prime Minister from
1975-1990.
Did French Politicians Benefit?
-------------------------------
YAOUNDE 00000608 002 OF 002
¶5. (C) Asked what the officials did with the stolen
funds, the BEAC official responded, "sometimes they kept it
for themselves, sometimes they funneled it to French
political parties." Asked who received the funds, the
official responded, "both sides, but mostly the right;
especially Chirac and including Sarkozy." The BEAC
official said "Bongo was France's favorite President in
Africa," and "this is classic France Afrique." He said
technocrats from the French Treasury were relatively
progressive in encouraging the francophone governments to
be more autonomous, but that the Banque de France
continued to exert an outsized influence.
CEMAC Presidency's React
------------------------
¶6. (C) The BEAC official said the CEMAC Heads of State
were understandably upset to learn about the deeper
governance problems at BEAC. In a January 2009 meeting to
discuss Anzembe's deal with Societe Generale, Biya had called
for Andzembe's immediate dismissal. According to the
official, Biya pounded the table during a recent meeting
with his CEMAC counterparts and asked, in reference to his
own anti-corruption campaign, "Don't you read the press?
We throw people like this in jail in my country!"
Equato-Guinean President Obiang, long-frustrated that his
deposits at BEAC exceeded his influence in the institution,
was more "patient," calling for audits because, according
to the BEAC official, "he knew what the audits would find
[regarding Andzembe's malfeasance] and that the resulting
pressure to institute a Presidency that rotates among the
member states would be inevitable."
Audit of SG Placement Continues
-------------------------------
¶7. (C) The Audit Committee includes representatives from
the six CEMAC economies plus a representative from the
French Treasury. The Heads of States agreed to conduct two
audits, a general review of internal accounts and a
specific investigation into Andzembe's unauthorized
placement of funds at Societe Generale. According to the BEAC
official, the investigators have yet to understand fully the
details of the SG account. "Even SG tells us that they are
unable to determine the structure of the investment that
Anzembe made!" he marveled. The official theorized that SG
had used the BEAC funds to help "plug the hole" created by
the Kerviel rogue trader scandal, but that the financial
crisis had overwhelmed SG and swallowed BEAC's funds.
Jail for Some;
End of Gabon's Monopoly
----------------------
¶8. (C) The BEAC official said his own government and
others would seek jail time for some of the officials, but
that there would be pressure to deal delicately with the
new Gabonese Government. Ali Bongo, he said, is close
personal friends with BEAC Governor Anzembe.
Institutionally, he predicted, these scandals will mean the
end of Gabon's monopoly on the Governorship, which will now
rotate among the member states, and will lead to revisions to
internal
controls.
Comment: A Governance Lesson Learned
------------------------------------
¶9. (C) This tale of grand-scale corruption is
unfortunate, especially coming as it does during an
economic crisis that has depleted the region's resources,
but the strong reaction from Biya and Obiang suggests
Gabon's foul play might result in better management--more
transparency and autonomy--of BEAC's resources. Our hope
is that CEMAC leaders internalize the lesson that secretive
management of public resources is a recipe for waste and
abuse and apply it to BEAC and their domestic
institutions. Post is unable to assess the veracity of the
allegation that French politicians benefitted from BEAC's
loss, but it is the type of claim--that France encourages
and preys upon corrupt leaders in the region--that will
gain currency in popular opinion if, as the BEAC official
predicted, the story leaks to the press. End comment.
GARVEY