Financial Transparency Coalition

LONDON – The recent publication by the Democratic Republic of Congo of dozens of its oil and mining contracts online shows promising commitment to its recent transparency pledges said Global Witness today. Particularly welcome is the publication in the past fortnight of one of the country’s most controversial deals – the attribution of previously confiscated oil blocks to two previously unknown companies. These are positive signs, but there is a long way to go - the government has still not published several key contracts, and Global Witness is today publishing the major amendment to a multi-billion dollar Chinese deal.

LONDON – WWF’s flagship scheme to promote sustainable timber – the Global Forest and Trade Network (GFTN) – is allowing companies to reap the benefits of association with WWF and its iconic panda brand, while they continue to destroy forests and trade in illegally sourced timber, a new briefing by Global Witness reveals. While GFTN is intended to reduce and eliminate such practices over the first 5 years of membership, systemic failures blight the scheme’s ability to deliver for forests.

JUBA, South Sudan – The new state of South Sudan must guarantee transparency and accountability in its oil sector in order to demonstrate its commitments to sustainable development and combating corruption, said Global Witness today. The call comes on the eve of the South’s independence from the north on July 9.

LONDON – Between June and September 2010 the Libyan state oil fund deposited over $1bn with HSBC, according to a document leaked to Global Witness and published today. The deposit brought the balance with the British bank to $1.42bn, up from $292.7m three months earlier. The document also reveals the total assets managed by the state oil fund – Libyan Investment Authority (LIA) – swelled from $54bn to $64bn in the space of three months.