French Police Carry Out Raids in Altice-Linked Corruption Probe
Police conducted extensive raids across France last week as part of an ongoing corruption investigation, recovering crucial evidence and seizing assets, including vehicles, luxury items, and over €14 million ($16.2 million) from various bank accounts.
Since 2023, French authorities have been probing a significant “corruption scheme” characterized by “private corruption, organized fraud, and organized money laundering to the detriment of Altice,” as stated by prosecutor Jean-François Bohnert. This inquiry follows an investigation initiated by Portuguese authorities concerning the same allegations.
Recent searches indicate heightened urgency in a case that has sent shockwaves through the telecommunications giant led by Drahi. In 2023, a Portuguese investigation resulted in the arrest of his longtime associate and fellow billionaire, Armando Pereira. Prosecutors have uncovered a network of suppliers and intermediaries reportedly receiving kickbacks tied to Altice contracts across Portugal, France, and the US.
IMF sees 6.5% GDP upside if Pakistan fixes corruption and governance
The International Monetary Fund forecasts that Pakistan could boost its GDP by 5% to 6.5% over the next five years if it effectively addresses issues of corruption and longstanding governance challenges.
A diagnostic report emphasizes the necessity for reforms in taxation, procurement, and the oversight of Pakistan's revenue authority.
The IMF-World Bank report, released by Pakistan's finance ministry, provides an unprecedentedly thorough analysis of how fragmented regulations, unclear budgeting practices, and political interference hinder investment and undermine revenue.
This year, Pakistan is aiming for a 4.2% growth rate as part of its $7 billion IMF program, which is supported by the November report serving as a reform guidance benchmark.
Former Fed official resigned following ethics probe, document shows
Former Federal Reserve board member Adriana Kugler resigned from her position in August amid concerns about her financial investments, which appeared to breach the central bank's ethical standards, as revealed in a recently released document outlining her trading activities.
A report from the Office of Government Ethics indicated that Kugler or her spouse engaged in multiple stock transactions in 2024, an asset class that senior Fed officials are prohibited from trading. While some trades had been previously reported, the released document unveiled several additional transactions.
Notably, it recorded a stock purchase in Southwest Airlines on March 22, 2024, ranging from $1,001 to $15,000, followed by another similar acquisition on April 17, 2024. Furthermore, it detailed a sale of Southwest stock valued between $15,001 and $50,000 on April 29, 2024, just one day before the Fed convened for its two-day interest-rate meeting.
