Ripped off: Global health fund discovers $73 million stolen … so far

WHAT: The latest round of the inspector general’s audits at the Global Fund to Fight AIDS, Tuberculosis and Malaria brought to $73 million the discovered total of misappropriated grant funding. The fund claims to have recovered $19 million to date.

WHERE: Donations for treatment of life-threatening Third World illnesses were used for an Indian official’s home renovations and skimmed by a money launderer in Nigeria. Other corruption was found in Djibouti, Mali, Mauritania and Zambia.

WHAT’S BEING DONE: Faced by demands from European and Japanese government donors to clean up its act, the fund is self-auditing its entire $14 billion in disbursed grants. The ongoing review is about one-seventh completed, according to the inspector general.

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