AVZ Discussion 2022
- Thread starter GazDix
- Start date
Would love to believe that but the fact is we have been saying the exact same thing for over a year now. What’s changed? From all appearances the DRC gov isn’t in control otherwise there would have been some form of resolution before now. Chinese happy to play the long game.
Sometimes to look into the future we need to look at the past
Xerof
Flaming 1967
@FilthyRich2I cannot figure out how these clowns have spent 7 fucking million on exploration costs..
53 Drill holes, rigs run around 10-15k a day.. Say 1.5 million total to drill all 53 holes...
5.5 Million unaccounted for wtf are they doing?!
Any comment or enlightenment on this?
Not a lot to go on from a Qtly cashflow statement but you may have some insight
Samus
Top 20
In Africa, it costs more; you've got to pay the chiefs, the governor, the guys who barricade the road, the local council, the local police, the local rebels, the security, pay twice when the workers go on strike, the people who are supposed to be your jv partners, the minister of finances, the minister of mines, the minister of portfolio, and so on.I cannot figure out how these clowns have spent 7 fucking million on exploration costs..
53 Drill holes, rigs run around 10-15k a day.. Say 1.5 million total to drill all 53 holes...
5.5 Million unaccounted for wtf are they doing?!
Samus
Top 20
April 28, 2023
Author :Innocent Olenga
IGF Jules Alingete
This is a shortfall for the Public Treasury of the order of 148,999,749,440.95 FC monthly, or 64,782,499 USD at the rate of 2,300 FC that the General Inspectorate of Finance unearthed in the pay of civil servants and agents of the 'State. The conclusions of the report of its audit mission of the payroll file were made public, this Thursday, April 27, 2027, before the payroll officials of the Armed Forces of the Democratic Republic of Congo (FARDC), the Congolese National Police (PNC), the Teacher Payroll Control Service (SECOPE) and the Secretaries General of Public Administration.
According to the IGF, 145,604 paid agents have incorrect, fanciful and fabricated registration numbers for payroll purposes; 53,328 agents alone have more than one registration number in the file with the same name; 93,356 agents share the same registration number with other equally paid agents; 43,725 agents are paid without their names appearing on the declarative lists from their original departments; while 961 payroll officers are on the payrolls of several departments and many of them are on more than 15 payrolls.
The IGF informs that already, certain cases of obvious irregularities are the subject of deactivation and warns at the same time that the list of 961 agents responsible for processing the payroll involved in the mafia network will be transmitted to the judicial authorities for embezzlement of public funds.
It should be remembered that the control of the number of civil servants and agents of the State remains a cancer that has seriously eaten away at the public treasury for decades. Despite all the efforts made by successive Ministers of Public Service, the problem remains very deep. Perhaps with the involvement of the IGF requested by the Deputy Prime Minister, Minister of Public Service, Jean-Pierre Lihau, the work of cleaning the file of civil servants and agents of the State will be able to give expected results. .
scooprdc.net
Author :Innocent Olenga
Financial patrol: The IGF flushes out an industrial quantity of duplicates, forgers and cheats among civil servants and agents of the State!
IGF Jules Alingete
This is a shortfall for the Public Treasury of the order of 148,999,749,440.95 FC monthly, or 64,782,499 USD at the rate of 2,300 FC that the General Inspectorate of Finance unearthed in the pay of civil servants and agents of the 'State. The conclusions of the report of its audit mission of the payroll file were made public, this Thursday, April 27, 2027, before the payroll officials of the Armed Forces of the Democratic Republic of Congo (FARDC), the Congolese National Police (PNC), the Teacher Payroll Control Service (SECOPE) and the Secretaries General of Public Administration.
According to the IGF, 145,604 paid agents have incorrect, fanciful and fabricated registration numbers for payroll purposes; 53,328 agents alone have more than one registration number in the file with the same name; 93,356 agents share the same registration number with other equally paid agents; 43,725 agents are paid without their names appearing on the declarative lists from their original departments; while 961 payroll officers are on the payrolls of several departments and many of them are on more than 15 payrolls.
The IGF informs that already, certain cases of obvious irregularities are the subject of deactivation and warns at the same time that the list of 961 agents responsible for processing the payroll involved in the mafia network will be transmitted to the judicial authorities for embezzlement of public funds.
It should be remembered that the control of the number of civil servants and agents of the State remains a cancer that has seriously eaten away at the public treasury for decades. Despite all the efforts made by successive Ministers of Public Service, the problem remains very deep. Perhaps with the involvement of the IGF requested by the Deputy Prime Minister, Minister of Public Service, Jean-Pierre Lihau, the work of cleaning the file of civil servants and agents of the State will be able to give expected results. .
Patrouille financière : L’IGF débusque en quantité industrielle des doublons, des faussaires et tricheurs parmi les fonctionnaires et agents de l’Etat ! - Scoop RDC
Actualité - C’est un manque à gagner pour le Trésor public de l’ordre de 148.999.749.440,95FC mensuellement, soit 64.782.499 USD au taux de 2300FC que l’Inspection générale des finances a déniché dans la paie des fonctionnaires et agents de l’Etat. Les conclusions du rapport de sa mission...
scooprdc.net
Couldn't agree more. But didn't pay 50 m to sure up 75%. 15 months ago. It would be nice to have 75% locked away. But no icc. Especially when you know its worth 10× that. But everyone wants to save drc from corruption.and that will happen eventually with good governance from western companies.but imo that's 20 years away. Imo play the game then your in the game to make a difference. Just a bogons thoughts. Don't have a keyboard. Just a phone.
Samus
Top 20
#RDC_MINES 20.04.2023 |
@anskalambayi
participated in the first meeting of the national consultation framework for stakeholders in the mining sector Chaired by the Head of Government, Jean-Michel
@LukondeSama
Kyenge, the meeting of the National Consultation Framework for stakeholders in the mining sector took place on Thursday, April 20, 2023 at the Congo River Hotel in Kinshasa-Gombe. This Forum, which aimed to reflect on the modernization of artisanal mining in the DRC, saw the remarkable participation of the National Minister in charge of Mines. In her speech, the boss of the mines raised the various challenges to be met in artisanal mining in the DRC. She reminded the assembly of the existence of a consultation framework that deals with artisanal mining issues and hopes that the resolutions resulting from this new support structure will be incorporated into the formal framework. It should be recalled that through pillar 5 of its 2021-2023 Action Program, the Government had made a commitment to improve the governance of natural resources for the well-being of the population. More than 150 participants, including the Coordinator of the Presidential Council for Strategic Watch, the main mining operators in the DRC, public and specialized services of the State, decentralized territorial entities (ETD), civil society organizations as well as technical and financial partners of the Government discussed the challenges of modernizing artisanal mining in the DRC.
Samus
Top 20
Well I'm sure he appreciates more distraction from his true identity that I've reluctantly disclosed.
Samus
Top 20
We're still in the game Schemozzle!But in the end it doesn’t even matter.
Didn’t get us our money back, I was just bored for a few minutes and gave it a try
It's just a shit game...
Mr Inappropriate
Regular
Capitalised does not necessarily equate to expenditure - it means they’ve added $7.3m to the value of the asset, which may have come from prior opex drilling and sampling costs.
If there are any real accountants out there, please correct me if I’m wrong. @Carlos Danger?
Frank
Top 20
April 28, 2023
Author :Innocent Olenga
Financial patrol: The IGF flushes out an industrial quantity of duplicates, forgers and cheats among civil servants and agents of the State!
View attachment 35253
IGF Jules Alingete
This is a shortfall for the Public Treasury of the order of 148,999,749,440.95 FC monthly, or 64,782,499 USD at the rate of 2,300 FC that the General Inspectorate of Finance unearthed in the pay of civil servants and agents of the 'State. The conclusions of the report of its audit mission of the payroll file were made public, this Thursday, April 27, 2027, before the payroll officials of the Armed Forces of the Democratic Republic of Congo (FARDC), the Congolese National Police (PNC), the Teacher Payroll Control Service (SECOPE) and the Secretaries General of Public Administration.
According to the IGF, 145,604 paid agents have incorrect, fanciful and fabricated registration numbers for payroll purposes; 53,328 agents alone have more than one registration number in the file with the same name; 93,356 agents share the same registration number with other equally paid agents; 43,725 agents are paid without their names appearing on the declarative lists from their original departments; while 961 payroll officers are on the payrolls of several departments and many of them are on more than 15 payrolls.
The IGF informs that already, certain cases of obvious irregularities are the subject of deactivation and warns at the same time that the list of 961 agents responsible for processing the payroll involved in the mafia network will be transmitted to the judicial authorities for embezzlement of public funds.
It should be remembered that the control of the number of civil servants and agents of the State remains a cancer that has seriously eaten away at the public treasury for decades. Despite all the efforts made by successive Ministers of Public Service, the problem remains very deep. Perhaps with the involvement of the IGF requested by the Deputy Prime Minister, Minister of Public Service, Jean-Pierre Lihau, the work of cleaning the file of civil servants and agents of the State will be able to give expected results. .
Patrouille financière : L’IGF débusque en quantité industrielle des doublons, des faussaires et tricheurs parmi les fonctionnaires et agents de l’Etat ! - Scoop RDC
Actualité - C’est un manque à gagner pour le Trésor public de l’ordre de 148.999.749.440,95FC mensuellement, soit 64.782.499 USD au taux de 2300FC que l’Inspection générale des finances a déniché dans la paie des fonctionnaires et agents de l’Etat. Les conclusions du rapport de sa mission...
Samus
Top 20
"CDF 148,999,749,440.95 CDF per month, is the shortfall"
US$778 million per year diverted from the pay of state agents and civil servants according to the IGF
April 28, 2023Kiki Kienge
By Kiki Kienge
This is the report published by the General Inspectorate of Finance at the conclusion of the investigation the audit of the payroll file of agents and State officials, focused in particular on the payroll of the Armed Forces (FARDC) and the National Police (PNC).
This is a damning report that demonstrates a mafia well established for years in the payroll system of Congolese administrations. In a country at war where the army should not only be a priority, but also the object of the attention of the authorities of the country, especially on the social conditions of the soldiers, police officers and their families. To see his sums returned, must question the management of the governance of the country.
The report speaks of more or less than 65 million $US per month which escape the Congolese State following fictitious agents, duplication of registration numbers and other tricks, the General Inspectorate of Finance would have already submitted the list to the judicial authorities of the country.
REPORT OF THE GENERAL INSPECTION OF FINANCES :
The General Inspection of Finances has just made public, before the Heads of Payroll of the FARDC, the Congolese National Police, SECOPE as well as the Secretaries General of the Public Administration, the conclusions of its mission to audit the payroll file of State Agents and Civil Servants.
The following highlights emerge from this audit:
- 145,604 Paid agents with incorrect, fanciful andfabricated service numbers
for payroll purposes.
- 53,328 Agents alone have more than one personnel number in the file
with the same name. - 93,356 Agents who share the same registration number with other
equally paid agents. - 43,725 Agents paid without their names appearing on the declarative lists
from their original services. - 961 payroll officers are found on the payrolls
of several departments. Many of them on more than 15 payrolls
Already, certain cases of manifest irregularities are being deactivated.
The list of 961 Agents in charge of payroll processing involved in the mafia network will be transmitted to the Judicial Authorities.
On the instructions of His Excellency the Deputy Prime Minister, Minister in charge of the Public Service, the General Inspectorate of Finance will continue with the General Inspectorate of Public Administration the work of cleaning up the file of staff of the Agents of the 'State.
Done in Kinshasa, April 27, 2023 IGF Communication Officer, DIEUNIT KANYINDA
Winenut
GO AVZ!!!!
An accountant will respond with ....what would you like the numbers to say?
1+1 can definitely equal 3
And never mix your P&L with your Balance Sheet......or statement of financial position or whatever they choose to call it now
It was cash outflow in the current quarter. Otherwise it would not have appeared in the cash flow statement
AVZ BOD need to reign in the spending. There are plenty of other companies doing more drilling in places all over the world running on the smell of an oily rag!
$27M aint going to cut it, they know it, we know it. Will be interesting to see how a cap raise plays out if it's still in suspension.
There is no freaking way anyone will put their hand in their pocket unless it's at a huge discount, so it may have to come from CATH..
Radio silence on the other hand is killing everyone.. A fortnightly update would be nice Nigel.
In regards to the DRC sweeping out the dog crap corruption - I'm still of the belief it will not happen in my lifetime. It requires a huge culture change both up and down the food chain of society.
The DRC seems to be having a shed load of meetings, agreements discussed, frameworks drawn up - BUT NO ACTION. These guys are typical governments with no drive to push things forward.
I want this mine to succeed, but I still think it's a long way off, there is no way AVZ will start digging up dirt before year end.
$27M aint going to cut it, they know it, we know it. Will be interesting to see how a cap raise plays out if it's still in suspension.
There is no freaking way anyone will put their hand in their pocket unless it's at a huge discount, so it may have to come from CATH..
Radio silence on the other hand is killing everyone.. A fortnightly update would be nice Nigel.
In regards to the DRC sweeping out the dog crap corruption - I'm still of the belief it will not happen in my lifetime. It requires a huge culture change both up and down the food chain of society.
The DRC seems to be having a shed load of meetings, agreements discussed, frameworks drawn up - BUT NO ACTION. These guys are typical governments with no drive to push things forward.
I want this mine to succeed, but I still think it's a long way off, there is no way AVZ will start digging up dirt before year end.
Lucas Don Velor
Regular
An itemised breakdown would be interesting...
For comparison sake (not trying to justify...just interesting), check out LKEs cash flows...
Staff costs - $3,284,000
Administration & corporate costs - $7,582,000
Exploration & evaluation - $11,091,000
$7Mill+ for pens (maybe some snacks)...
AVZ cash flows 'seem' more reasonable...
Similar threads
