Featured Democratic Republic Of Congo

Going, going, gone: African dictators losing luxury lifestyle amid money laundering crackdown

Judging by the fleet of supercars parked in the grounds of Geneva’s Bonmont Golf and Country Club last Sunday, Teodorin Obiang was not overly fussed by the size of his carbon footprint. There were 25 in total, representatives of every luxury model conceivable, from Aston Martin to Bugatti and Ferrari,… Read More

Belgium’s EU candidate denies ‘malicious’ graft accusations

Didier Reynders, Belgium’s pick for EU justice commissioner, denied on Wednesday corruption allegations against him and said he would continue to seek the post because he had not been charged. At a confirmation hearing, Belgian Foreign Minister Reynders told the European Parliament that money-laundering allegations made by a former Belgian… Read More

Didier Reynders, Belgium’s Commission pick, under police investigation

Belgian police are investigating allegations of corruption and money-laundering against Didier Reynders, the country’s foreign minister and the nominee to be the EU’s next justice commissioner. Reynders has denied the accusations which, according to De Tijd newspaper, relate to the construction of the Belgian embassy building in Kinshasa, the… Read More
10th September 2019
Efforts by the Bank of Central African States (BEAC) to tackle money laundering and restock woefully thin foreign exchange reserves are causing dire currency shortages and delays to transactions across the six-nation currency union, businesses say. New BEAC rules introduced in June are aimed at bringing order to a monetary… Read More
14th August 2019
Kazakh mining company Eurasian Natural Resources Corp. asked a British court to stall the U.K.’s pursuit of corruption charges following a six-year bribery investigation. ENRC, once listed on the FTSE 100 Index, asked London’s High Court in a filing this month to force the Serious Fraud Office to withhold… Read More
5th July 2019
Lenders in the DR Congo will move to tackle money laundering at the request of the United States, which has expressed support for new president Felix Tshisekedi, the mineral-rich country’s banking association said. The US Treasury and State Department had asked Congolese banks to put measures in place against sanctions-busting,… Read More
26th April 2019
Glencore Plc said on Thursday that the U.S Commodity Futures Trading Commission (CFTC) is investigating whether the miner and its units may have violated certain regulations through “corrupt practices”. The company said the investigations are at an early stage and have a similar scope in terms of subject matter as… Read More
22nd April 2019
An appeals court has overturned a conviction of exiled Congolese opposition leader Moise Katumbi for real estate fraud, ruling that the trial court had been pressured by former President Joseph Kabila’s government, Katumbi’s lawyer said on Friday. Katumbi, the former governor of Democratic Republic of Congo’s copper-mining Katanga region, was… Read More
17th December 2018
A Glencore PLC-controlled mining company and some of its current and former executives have agreed to pay more than $22 million to settle Canadian allegations they hid the risks of doing business with an Israeli man close to Congolese President Joseph Kabila, the Wall Street Journal reported on Sunday. The… Read More
12th July 2018
Glencore Plc has established a board committee to oversee the mining company’s response to U.S. authorities’ demands for documents on its business in the Democratic Republic of Congo, Venezuela and Nigeria as part of a corruption probe. The committee comprises of Chairman Tony Hayward and Independent Non-Executive Director Leonhard Fischer… Read More
4th July 2018
AP — Shares in commodities giant Glencore plunged Tuesday after the company was ordered to hand over documents to the U.S. Department of Justice for a check on its compliance with corruption and money laundering rules. The company, which is based in Baar, Switzerland, said Tuesday the requested documents… Read More
21st December 2017
By David Pegg, Guardian A watchdog group has filed a criminal complaint against the Anglo-Swiss commodities giant Glencore following revelations from the Paradise Papers. Human rights campaigners in Switzerland have formally asked the country’s attorney general to investigate how the multinational obtained a copper mine in the Democratic Republic of… Read More
30th May 2017
Nine officials in the Democratic Republic of Congo (DRC) have been sanctioned by the European Union (EU). According to a statement released on Monday by the European Council, the nine individuals who hold positions of responsibility in the state administration and in the chain of command of the security forces… Read More