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Hezbollah and Israel's Richest Were Both Welcome at a Congo Bank


Hezbollah and Israel’s Richest Were Both Welcome at a Congo Bank
Bloomberg
27/02/2021
(Bloomberg)
2018 was a good year for Afriland First Group SA, a Switzerland-based company that oversees a network of banks across Africa.
In his opening comments to the annual report for the year, Paul Fokam, the group’s chairman and one of Cameroon’s wealthiest men, highlighted the “challenge of being ethical and compliant while creating value.” He asked readers to bear in mind that “we are in a battlefield where only alertness, flexibility, and perseverance can ensure sustainable victory.”
Little mention was made in the report’s 83 pages of one of the group’s star performers though, its unit in the Democratic Republic of Congo, a vast central African nation rich in natural resources including diamonds, cobalt and copper. While deposits across Afriland’s subsidiaries increased 17%, a PwC audit seen by Bloomberg shows that in Congo, accounts swelle ....

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Deal for key metal in EV revolution brought bonanza for newcomer


Deal for key metal in EV revolution brought bonanza for newcomer
Almost three-quarters of the world’s cobalt comes from Congo. Credit: The Impact Facility
A transfer of lucrative cobalt and copper assets by the Democratic Republic of Congo’s state mining company enabled a little-known investor to make $40 million within weeks.
The transaction and almost immediate resale of control of the assets to Eurasian Resources Group is the latest deal in Congo to face scrutiny by anti-graft campaigners. Alleged corruption in mining transactions in the central African nation has led to financial sanctions and multiple ongoing investigations by law-enforcement agencies around the world. ....

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