the reprehensible mismanagement of public funds during their tenures and the consequent forfeiture of their ill-gotten assets may well be the beginning of the long walk to sanity, probity, and accountability in governance; it may well signify the beginning of the end for an emerging class of robber-barons who may be defined as persons who abuse their offices in government to establish phony corporate bodies using cronies or close associates even as they remain the un-seen “beneficial owners”...
A fickle commodity situation, a backlash from an informed, insightful and vigorous middle class, policy rejig from a possible reforming political regime culminating in the opening up of the economy to vigorous competition, etc. are the Achilles heels of crony capitalism. From string-pulling or button-pressing to bribery, the shades or varieties of cronyism in business are infinite.
Publicised registers of “beneficial ownership” – lifting the veil masking the human characters behind the shell and trust companies – will make it more difficult for cronies to hide. State-owned banks, by whatever name called, must be managed to make them tow the path of probity, accountability, and rectitude.
Source: Law Daily Report (lawdailyreport.net)
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