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Vol 5 (AAC) No 4

Published 1st February 2012


The big diamond scam

South Korean President Lee Myung-bak prides himself on his government’s resource diplomacy, but now a corrupt Cameroonian diamond deal has taken its first political casualties. The CNK International stock price-rigging scandal continues to snowball. The Energy Ambassador has lost his job and state prosecutors have raided government buildings. The scandal surfaced last year, when state auditors revealed that government agencies had played along with CNK’s deliberate exaggeration of the size of the diamond discovery at Mobilong (AAC Vol 4 No 12). Several high-ranking officials had bought CNK stocks ahead of the inflated announcement, fuelling further controversy.

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