Friday, December 27, 2019

Congo investigates possible money laundering in $222 million loan linked to Israeli billionaire Dan Gertler

From Reuters:
Congo prosecutors probe Israeli billionaire's loan to state mining company
Congolese prosecutors are investigating a 200-million-euro ($222 million) line of credit issued to state mining company Gecamines by a company owned by Israeli billionaire Dan Gertler, who is under U.S. sanctions, Gecamines said on Monday.

Two sources at Democratic Republic of Congo’s prosecutor’s office and two at the presidency, speaking on condition of anonymity, told Reuters the investigation was focused on possible money laundering and fraud related to a loan issued in October 2017 by Gertler’s Fleurette Mumi, which has since been renamed Ventora Development.

In a statement, Gecamines interim director-general Jacques Kamenga confirmed that a company official was questioned by prosecutors last week, without naming the person. Kamenga denied any wrongdoing and said Gecamines provided investigators with all requested documents.
Gertler’s spokesperson referred Reuters to a statement by Ventora Development, which said it issued the loan and was simply trying to recover money it was owed by Gecamines....MORE
Another of the shady characters on the African extractive industries scene.

See also "Mining Kingpin Beny Steinmetz Loses Effort To Overturn $2bn (£1.6bn) Arbitration Judgement" for Beny and the Och-Ziff crowd.
We're probably due for an update from ERC or ENRC pretty soon, just to round out the action.
Maybe check in on Frank Giustra for more of that Kazakh flavor.

HT to and headline from: Financial Crime and Corruption Education