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The E-Sylum: Volume 12, Number 46, November 15, 2009, Article 22

MORE ON BANK NOTE FIRM SECURENCY'S BRIBERY

Don Cleveland of Australia forwarded this recent story about the bribery case involving Securency, the bank note firm with a specialty in the new polymer notes. -Editor

THE Reserve Bank's bank-note firm paid multimillion-dollar commissions to a senior Vietnamese official in an apparent breach of federal bribery laws that carry a 10-year prison sentence.

Anh Ngoc Luong received more than $5 million in so-called commission payments from the bank's firm Securency.

The payments to Mr Luong and CFTD from Securency are believed to total more than $12 million, some of which was sent to accounts in Switzerland.

The Commonwealth criminal code forbids Australian companies paying foreign officials or government-controlled firms to gain a business advantage.

Securency hired Mr Luong because of his government connections, and he has been Securency's chief government liaison in Vietnam for several years.

Since 2002 Mr Luong has played a big role in a deal in which Vietnam switched its currency from paper-based notes to those made with Securency's patented polymer formula.

To read the complete article, see: Concern over bank firm's $5m payment (www.smh.com.au/national/concern-over-bank-
firms-5m-payment-20091029-hnqr.html)

Don also forwarded this article about the firm's bribes in Nigeria. -Editor

Nigeria's National Assembly is to investigate the country's former central bank governor over allegations he was bribed to award a contract to a company controlled by the Reserve Bank of Australia.

Nigeria's House of Representatives has passed a motion requesting the assembly's banking and justice committees investigate the Central Bank of Nigeria's previous administrators for "brazen cases'' of corruption, money laundering, reckless spending and issuing of non-performing loans.

A resolution read by representative John Halims Agoda and supported by 46 others said: ''The committees are mandated to ascertain the veracity or otherwise of the widely reported claims by the local and international media that a company, Securency, is believed to have paid millions of dollars in bribe money to Nigerian officials to secure the contract to print Nigeria's new banknotes.''

To read the complete article, see: Nigeria to act on RBA bribe claim (www.theage.com.au/national/investigations/
nigeria-to-act-on-rba-bribe-claim-20091022-hbfl.html)

Wayne Homren, Editor

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