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New Developments Suggest Senegal Ex-President's Son Held Close To $200m State Funds In Monaco Bank

November 14, 2014

These accounts join at least 24 others connected to 50 businesses that Wade had reportedly used to loot state funds. Wade is alleged to have amassed a $1.3bn fortune during his father's presidency, a period in which he also served in ministerial positions and management of large-scale infrastructure and energy projects, which enabled him to control almost a third of the Senegalese national budget.

Emerging reports suggest that Karim Wade, son of Senegal's former president, Abdoulaye Wade, deposited more than £127m (approx. $198,357,490) at a bank in Monaco during his father's tenure.

Now collaborating with Senegalese officials in the high-profile illicit enrichment case, authorities in Monaco say that from 2002-2013, Karim Wade deposited the funds in accounts at Julius Baer bank.

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These accounts join at least 24 others connected to 50 businesses that Wade had reportedly used to loot state funds. Wade is alleged to have amassed a $1.3bn fortune during his father's presidency, a period in which he also served in ministerial positions and management of large-scale infrastructure and energy projects, which enabled him to control almost a third of the Senegalese national budget. He was notoriously dubbed "the minister of the earth and sky."

Wade, 44, denies any wrongdoing. He is backed by many politically prominent persons, including the former ruling Senegalese Democratic Party (PDS), who claim the case is part of a "witch-hunt" against the old ruling party.

On the proceedings, Bachirou Diawara, Wade's former chief of staff, said "The Senegalese are witnesses that [the prosecutors] are unable to provide evidence of the guilt of our brother Karim Wade. It is stubbornness, nothing more, nothing less." 

Topics
Corruption