Sunday, March 13, 2005

Power Corp, oil for food and a lack of degrees of separation

This story hasn't recieved alot of play in the mainstream media, but it was originally broken by the Western Standard. It linked to by some bloggers then, but there are those of us whom are too cheap to for that sort of access. Thus its also come up on the Toronto Free Press site and you can acess it here. Just to give you all a taste

Just a month before the Canada Free Press revealed that Volcker, a former Federal Reserve chairman, is a member of Power Corp.’s international advisory board–and a close friend and personal adviser to Power’s owner, Paul Desmarais Sr.–a U.S. congressional investigation into the UN scandal discovered that Power Corp. had extensive connections to BNP Paribas, a French bank that had been handpicked by the UN in 1996 to broker the Oil-for-Food program. In fact, Power actually once owned a stake in Paribas through its subsidiary, Pargesa Holding SA. The bank also purchased a stake in Power Corp. in the mid-seventies and, as recently as 2003, BNP Paribas had a 14.7 per cent equity and 21.3 per cent voting stake in Pargesa, company records show. John Rae, a director and former executive at Power (brother of former Ontario premier Bob Rae), was president and a director of the Paribas Bank of Canada until 2000. And Power Corp. director Michel François-Poncet, who was, in 2001, the vice-chairman of Pargesa, also sat on Paribas’s board, though he died Feb. 10, at the age of 70. A former chair of Paribas’s management board, André Levy-Lang, is currently a member of Power’s international advisory council. And Amaury-Daniel de Seze, a member of BNP Paribas’s executive council, also sat on Pargesa’s administrative council in 2002.


Post a Comment

<< Home

Blogroll Me!
Seo Blog - free blog hosting! Publish your blog for free! Blogarama - The Blog Directory Blogwise - blog directory Blog Search Engine Listed on BlogsCanada
Search Popdex:
Listed in LS Blogs