South Africa's Mbeki blasts multinationals for illegally moving billions out of Africa

Africa is loosing over 50 billion U.S. dollars each year through illicit financial outflows, the bulk of which are made by multinational companies, former South African President Thabo Mbeki said on Thursday.

In his address to the 6th session of the Pan African Parliament (PAP) in Midrand, Johannesburg, Mbeki said multinational companies were illegally moving billion of dollars out of Africa, depriving the continent of the much needed cash.