Congo nears recovery of US $2bn worth of assets from Israeli investor

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Congo nears recovery of US $2bn worth of assets from Israeli investor

The Democratic Republic of Congo is close to recover mining and oil assets worth about $2 billion controlled by Israeli investor Dan Gertler.

A commission was set up to negotiate with Fleurette Group and concluded terms of a memorandum of understanding (MoU) which would also enable the government to recover a substantial part of royalties from Kamoto Copper Company that were ceded to the group.President Felix Tshisekedi directed the justice ministry to analyse and sign the MoU as to enable Congo to recover full possession of the mining and oil assets.

Sanctions

The U.S. Treasury imposed sanctions on Gertler and more than 30 of his businesses in December 2017 and June 2018, accusing him of leveraging his friendship with former Congo President Joseph Kabila to secure lucrative mining deals.

Anti-corruption group, Congo is Not for Sale (CNPAV), which has previously warned the mineral-rich country could lose out on $1.76 billion in potential royalty payments from copper and cobalt mining deals with Gertler’s Group st.

“For years we have been screaming loud and clear that Congo has already lost billions due to deals with Dan Gertler and it will only get worse if nothing is done. There are still some crucial aspects of the deal to be clarified, particularly details of the MoU, and the final destination of the assets that will be recovered,” CNPAV spokesman Jean-Claude Mputu said in a statement.

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