Fyi,
Gécamines: Cogep denounces the irregularities in the sale of mining titles
Publication this Thursday, May 19 in Lubumbashi, of the report entitled "Gécamines, What hides the mutual agreement".
This report by the Coalition for Public Enterprise Governance (COGEP) analyzed two mining partnership contracts.
This is the contract signed between Gécamines, Metalkol and Evelyne.
In this report, the results of the investigations show irregularities on the issue of disposal of certain mining assets.
This is the case of the signing of the contract between Gécamines and the company Metalkol.
According to this report, the contract was signed while the case was still pending in court.
The case pitted First Quantum Minerals against Gécamines.
Investigators are also finding signs of financial malfeasance.
There are also corrupt practices and mismanagement in the negotiation of two contracts.
For example, Gécamines ceded the mining title to Metalkol at 60,000,000 US dollars.
It is an undervaluation, say the investigators because its real market value is estimated at 2,690,000,000 US dollars.
The report reveals the responsibility of the agents of Gécamines and that of the political leaders.
By way of illustration, Cogep raises the case of Dan Gertler. Indeed, Gécamines also ceded the royalties in Metalkol to the Multree company belonging to this Israeli businessman.
Gécamines officials prioritize their interests to the detriment of the population
The NGO members of Cogep point out that none of the disposals analyzed in the context of the study were carried out in compliance with the laws of the DRC.
According to them, everything happened in the total indifference of the Congolese government and Parliament.
The report then depicts a connivance of interest and an obsession of the agents of Gécamines and certain political leaders.
All want to manage mining assets in violation of the established legal and institutional framework.
This, for the sole purpose of guaranteeing their personal interests, we read in this document.
To do this, Cogep recommends that the President of the Republic order the review of all mining contracts concluded from 2009 to date.
Also, it asks the General Inspectorate of Finance (IGF) to audit the management of Gécamines agents.
It must be said that this study, supported by Open Society Initiative for Southern Africa (OSISA), was carried out for a period of one year, from February 2021 to February 2022.
www.mediacongo.net/home.html
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*What's the Word i'm looking for to describe this Episode of "DRC Days of Our Lives"
GECAMINES/Metakol over-the-counter market: COGEP denounces a shortfall of 2.630 billion on behalf of the Treasury and recommends legal action
The Coalition for the Governance of Public Enterprises (COGEP) denounces a shortfall of 2.630 billion US dollars on behalf of the public treasury, in connection with transactions around mining titles that Gécamines (General of Quarries and Mines) has sold to the company Metalkol, for a derisory sum of 60 million USD.
In its recently published report, COGEP denounces several irregularities, practices of financial embezzlement, corruption and mismanagement that have characterized the partnership relations between Gécamines and its two private partners within two joint ventures formed, namely Metalkol and Evelyne Investistment SA.
Through this report entitled “Gécamines, what does over-the-counter hide?, the COGEP affirms that, the consequences of the repeated violations of the laws, were not only on the legal level, but also caused enormous losses of income for Gécamines and the budget of the State.
For COGEP, Gécamines sold the mining titles at 60 million USD, while their real market value is estimated at 2.690 billion US dollars "This means that the Congolese State has lost 2.630 billion US dollars", can we read in this report.
In this document, COGEP, which points an accusing finger at public officials and political leaders, makes a few observations, namely the fact that the assets are transferred in flagrant violation of the legal and regulatory provisions which impose recourse to the appeal of offers and the approval of the Government in the Council of Ministers, is constitutive on the one hand, of penal offenses because of the legal obligations and, on the other hand, of fault of management because of the dilapidation of the mining assets; illegalities and the opacity that characterized the transactions are akin to financial embezzlement.
At no time were major transactions involving Gécamines in 2017 discussed at the General Assembly.
Further on, COGEP remains of the opinion that the various portfolio and mining ministers as well as the successive heads of government have also assumed their individual responsibilities. but, despite the serious indications described above, no precautionary measure or investigation has been carried out or ordered on this subject.
Indeed, COGEP criticizes the fact that the actions taken by the authorities with regard to the transfer of mining titles to Metalkol, which is a non-existent company, constitutes a conscious and criminal will to violate the laws or negligence which are personally attributable to them.
Consequently, COGEP recommends that the judicial authorities initiate, each as far as it is concerned, legal proceedings against the agents of Gécamines and the successive ministers suspected of being perpetrators or accomplices of fraud, embezzlement of public funds and acts of corruption inherent in improper disposals of mining assets; initiate, each as far as it is concerned, legal proceedings against the effective and legal owners of Metalkol and Evelyne Investment suspected of being perpetrators or accomplices of embezzlement of public funds and acts of corruption inherent in the irregular and fraudulent acquisitions of mining assets; adapt the existing incomplete legal framework with emphasis on the system of sanctions in terms of corruption, financial embezzlement and the squandering of public assets, in particular public mining assets.
Gonna be interesting to see how this plays out
..: wtaf is going on around here?
and and a baldie but underside for me… 
