Tag Archives: Million

FBI agents investigate $4.7 million deal in Puerto Rico yet ignore multibillion-dollar frauds

San Juan Mayor Carmen Yulin Cruz

By Caribbean News Now contributor

SAN JUAN, Puerto Rico — Some 25 FBI agents this week raided municipal offices in San Juan, Puerto Rico, searching through documents and seizing digital records following an anonymous tip called into the comptroller’s office over how the mayor’s office awards government contracts – specifically, a $4.7 million deal with a construction company.

Since the FBI has for years ignored compelling evidence of a massive $11 billion financial fraud and a $1 billion fuel oil fraud scheme, both involving Puerto Rico Electric Power Authority (PREPA), and San Juan Mayor Carmen Yulin Cruz is constantly butting heads with President Donald Trump on social media, the appearance of politically motivated reprisal is…

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Caribbean Border Interagency Group authorities seize $30 million in cocaine off Puerto Rico

A drug smuggling go-fast is beached in Luquillo, Puerto Rico after being pursued by the US Coast Guard Cutter Donald Horsley October 13, 2018. Photo: US Coast Guard District 7 PADET San Juan

SAN JUAN, Puerto Rico — US Coast Guard and Caribbean Border Interagency Group (CBIG) law enforcement authorities seized 2,324 pounds of cocaine, worth an estimated $30 million, following the interdiction of a go-fast vessel on Saturday off Luquillo, Puerto Rico.

This interdiction is the result of ongoing multi-agency law enforcement efforts in support of Operation Caribbean Guard and the Caribbean Border Interagency Group.

“This successful interdiction is a testament to the crew’s vigilance, dedication to the mission, and quick action, and I couldn’t be prouder,” said Lt….

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S. African probe finds $130 million looted from failed bank

A probe into the failure of VBS Mutual Bank found that at least 53 people and companies may have benefited from the looting of 1.9 billion rand ($130 million) from the South African lender before its collapse.

Terry Motau, who was appointed by the central bank to lead the investigation, is calling for arrests to be made and for tax authorities to swoop on those identified in his 139-page report, titled “The Great Bank Heist.” He also recommends an auditor’s liability claim be brought against the company’s auditor, KPMG South Africa, and that VBS be wound up.

“There is no prospect of saving VBS,” Motau said in the report, which was posted on the central bank’s website on Wednesday. “It is corrupt and rotten to the core. Indeed, there is hardly a person in its employ in any…

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CDB invests US$20 million in education and youth development in St Lucia

BRIDGETOWN, Barbados — The Caribbean Development Bank (CDB) is investing US$20 million in education and youth development in Saint Lucia. On October 3, the bank launched the Saint Lucia education quality improvement project (EQuIP) and the youth empowerment project (YEP).

EQuIP aims to strengthen the island’s education system, through the expansion and rehabilitation of four selected institutions, and overall improvements in educational leadership and instructional effectiveness, including training for teachers, principals and education officers.

“These two projects are designed to holistically address a number of the risk factors for sub-optimal educational outcomes, crime and violence, as well as deviant and anti-social behaviour that are affecting youth in a number…

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Africa-Europe Alliance: Commission mobilises € 5 million to support African customs authorities implementing global…

The European Commission mobilises € 5 million for a new capacity-building project to support African countries implementing and enforcing global rules on customs and trade facilitation, following an agreement signed on 4 October with the World Customs Organization (WCO). The project, which will be implemented by the WCO, is primarily aimed at promoting the “Harmonized System” (HS). This system helps countries to coordinate and harmonize their customs rules while reducing the costs of international trade.

This new funding from the Pan-African Programme  should support African countries, Regional Economic Communities and the African Union Commission to use the latest version of the HS in a coordinated manner across the continent, thus enabling goods to move more easily and quickly. This…

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