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Inter-American Development Bank cover-up caught by whistleblower

Inter-American Development Bank cover-up caught by whistleblower

 

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The Inter-American Development Bank(IDB) finds projects in the Caribbean and Latin America and has asked the US government for billions to help funding. But according to whistleblowers like Bill Powers of E-Tech, the bank is not handling it’s money well. IDB spent $400 million funding a rupture prone gas line in the Amazon called the Camisea project. Officials at IDB ignored a report from Powers that showed unapproved changes in routing and using unqualified welders to save some $90 million in costs. Said environmental NGO Amazon Watch “(the Camisea Pipeline is) arguably the most damaging project in the Amazon Basin.”

The project is headed by Texas based Hunt Oil a company with close ties to the Bush Administration. Hunt Oil is accused of paying Peruvian officials to change laws so as to benefit the pipeline.

Problems with the pipeline stem from a lack of oversight. Appropriate experts have not been into the jungle for an inspection of the Camisea project which appears to have leaks that are causing damage and pollution to the pristine jungles and waters of the Amazon and potentially harming indigenous populations.

Things went bad from the start. The Spanish company TgP built the pipeline using deteriorating materials and routed through unstable areas prone to wash out. They failed to check the qualifications of the welders as well. All of this confirms the predictions of Camisea critics who feared that corporate benefit would be put ahead of ecological concerns.

Worse yet, IDB lacks the political power to enforce it’s own safeguards. IDB approved the project funding despite overwhelming evidence of serious problems. After a short inspection that left little time for dealing with so many problems, an anonymous IDB employee stated, “it was clear at that point the bank was not interested in a real investigation. They only wanted Camisea II’s big numbers.”

Concealing fraud in a major project is only one of IDB’s difficulties. The bank recently lost $2 billion on risky mortgage-backed-securities. That along with other problems and inappropriate actions like the Camisea II cover-up begs the question- why would governments like the US ever help out with $70 billion in funding that IDB seeks?

No word yet on any potential qui tam lawsuits stemming from the ecologically destructive Camisea II fiasco.

http://www.whistleblower.org/blog/31-2010/832-whistleblowers-reveal-inter-american-development-bank-idb-covered-up-deficiencies-in-camisea-gas-project

http://www.washingtontimes.com/news/2010/nov/8/us-looks-tax-supported-bank-peru-gas-project/print/

 

 
 
 

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