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The Institute for Ethics and Economic
Policy (IEEP) Fordham University is a renowned
Jesuit institution with over 165-year history of emphasis on ethics. |
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CORRUPTION TRIAL SENTENCES 47 GOVERNMENT AND BANK OFFICIALS TO PRISON TERMS. In a corruption investigation that has been going on for a year now, over 47 officials have been sentenced to varying prison terms and fines for allegedly stealing public funds intended for the development of Benghazi, Libya’s second largest city. The investigation followed central bank officials noting the diversion of huge amounts of public assets. According to Libyan leader Colonel Gaddafi’s own admission, the loss in public funds was glaring while some of his officials were flourishing. The court has sentenced six officials to 19 years in prison and some officials have been fined to the tune of $1mn. The country’s Finance minister, Ujayli Abdelsalam al-Burayni and an official of the economic planning, Tahar al-Jahimi, though not directly involved, were also sentenced to one year in prison for negligence. (BBC, November 05, 2001, summary by Aruna Balakrishnan). The Index of Economic Freedom (by Driscoll-Holmes-Kirkpatrick) for 2001 places Libya in the “Repressed” category with a rank of 154 (Ranks range from 1 for Hong Kong to 155 for North Korea, Wall Street Journal, Nov. 1, 2000). H. D. Vinod’s trimmed correlation analysis indicates that countries free from economic regulation are less corrupt. After allowing for some exceptions by 20% trimming, the correlation is near 0.9. |
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Design:
Theo den Brinker |
Copyright:
Hrishikesh D. Vinod 2000 |
Last
Updated: |
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