Friday, November 18, 2011

UK MP Eric Joyce Says Congo Loses $5.5 Billion Due to Shady Deals

Bloomberg news has reported that Congolese President in cahoots with Israeli businessman Dan Gertler have fleeced the Congolese people of $5.5 billion.

“Elements of the DRC government, in particular the current president, Joseph Kabila, have sold vast mining assets at knock-down prices to various offshore ‘shell’ companies,” Joyce said,citing documents in his possession.

State-owned Congolese copper and cobalt miner Gecamines sold its 20 percent stake in Glencore-operated Mutanda Mining Sprl to Rowny Assets Ltd., an entity “associated” with Israeli mining investor Dan Gertler, according to Glencore’s May prospectus. Biko Invest Corp., another Gertler-linked entity, bought a quarter of neighboring Kansuki Sprl, it said.

Gecamines said it received $137 million for the two stakes, while Mutanda alone may be worth more than $800 million, according to calculations using a valuation conducted by consulting firm Golder Associates in Glencore’s prospectus.

Click here to read press release from British MP Eric Joyce!


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