Islamists Plan Probe into Graft by US Company
7 March 2008Manama: An Islamist society is pondering the formation of a parliamentary commission to investigate alleged financial abuses in one of the Bahrain's largest companies.
"We cannot remain idle and simply watch as stories of alleged financial corruptions with staggering figures are unfolding," Dr Abdul Lateef Al Shaikh, head of Al Menbar Islamic Society, said yesterday.
"We are currently consulting with the other blocs to agree on ways to look into this situation seriously and preserve national interests and funds," he said in a statement sent to the media.
The Bahrain Aluminum (Alba) last week sued US aluminum manufacturer Alcoa for at least $1 billion (about Dh3.67 billion), alleging a 15-year conspiracy involving overcharging, fraud and bribery.
Steering away payments
In the lawsuit filed in a US federal court, Alba accused Alcoa of steering payments for alumina, the key material for making aluminum, to a series of shell companies controlled by Alcoa to pay kickbacks to a Bahraini government official.
The alleged bribes and improprieties in the awarding of alumina contracts in Bahrain over the past 15 years caused Alba, one of the world's largest smelters, to overpay for the material starting in 1993, the Bahraini company said.
Alcoa has rejected the charges. "We have not had the opportunity to review these allegations and obviously will do so, consistent with our ongoing ethics and compliance activities. However, we are completely unaware of any wrongdoing by Alcoa or its employees," spokesman Kevin Lowery told Gulf News through e-mail.
In a statement, Al Shaikh said the alleged financial mismanagement should have been investigated during the 2002-2006 period when his society had called for a probe into what it believed were malpractices at the company. "The government should have listened to us then and monitored the transactions because it would have been able to confront the terrible situation," he said.
We cannot remain idle and simply watch as stories of alleged financial corruptions with staggering figures are unfolding."
-Dr Abdul Lateef Al Shaikh, Head of Al Menbar Islamic Society
"We cannot remain idle and simply watch as stories of alleged financial corruptions with staggering figures are unfolding," Dr Abdul Lateef Al Shaikh, head of Al Menbar Islamic Society, said yesterday.
"We are currently consulting with the other blocs to agree on ways to look into this situation seriously and preserve national interests and funds," he said in a statement sent to the media.
The Bahrain Aluminum (Alba) last week sued US aluminum manufacturer Alcoa for at least $1 billion (about Dh3.67 billion), alleging a 15-year conspiracy involving overcharging, fraud and bribery.
Steering away payments
In the lawsuit filed in a US federal court, Alba accused Alcoa of steering payments for alumina, the key material for making aluminum, to a series of shell companies controlled by Alcoa to pay kickbacks to a Bahraini government official.
The alleged bribes and improprieties in the awarding of alumina contracts in Bahrain over the past 15 years caused Alba, one of the world's largest smelters, to overpay for the material starting in 1993, the Bahraini company said.
Alcoa has rejected the charges. "We have not had the opportunity to review these allegations and obviously will do so, consistent with our ongoing ethics and compliance activities. However, we are completely unaware of any wrongdoing by Alcoa or its employees," spokesman Kevin Lowery told Gulf News through e-mail.
In a statement, Al Shaikh said the alleged financial mismanagement should have been investigated during the 2002-2006 period when his society had called for a probe into what it believed were malpractices at the company. "The government should have listened to us then and monitored the transactions because it would have been able to confront the terrible situation," he said.
We cannot remain idle and simply watch as stories of alleged financial corruptions with staggering figures are unfolding."
-Dr Abdul Lateef Al Shaikh, Head of Al Menbar Islamic Society
Labels: Bahrain, Bribery, Crime, Fraud, United States
posted by HRM Deborah of Israel and the Messenger of Peace at 8:04 AM
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