Slick business [1]

Slick business

This week the media has been thick with reports of the sinking of the oil tanker Prestige off the Spanish Galician coast. There have been many depressing pictures of the damage wreaked by the 3,000 tonnes of viscous sludge now poisoning local beaches and destroying local livelihoods. There has been much speculation about if and when the remaining 70,000 tonnes of oil will come ashore.

Yet very little has been written about the complex web of ownership and control behind the incident. The story that emerges shows once again that Governments and international institutions have utterly failed to ensure proper openness and accountability of the global economy.

And a twisted convoluted tale it is…