Kofi Annan report criticises ‘opaque’ Congo deals by ENRC


The Democratic Republic of Congo lost at least $725m (£612.2m) in potential revenues between 2010 and 2012 as a result of miner ENRC undervaluing state assets, a panel led by former UN secretary general Kofi Annan has alleged.

mines enrc

Five mining deals, three of which involve ENRC, cost the African nation $1.36bn over the period as a result of the alleged undervaluation, the Africa Progress Panel said.

“No country better illustrates the high costs associated with opaque concession trading than the Democratic Republic of the Congo,” it said.

“Total losses from the five deals reviewed were equivalent to more than double the combined annual budget for health and education in 2012.”

The annual report, on challenges associated with natural resources in Africa, said there was no inference of illegality on the part of political leaders or the companies involved.

View original post 485 more words


About meon lic

You've gotta dance like there's nobody watching, Love like you'll never be hurt, Sing like there's nobody listening, And live like it's heaven on earth It is better to be hated for what you are than to be loved for what you are not Life is like riding a bicycle. To keep your balance, you must keep moving,,,,,,,thats all about my imaginations call me at Click to video call me  ooVoo Video Chat
This entry was posted in all. Bookmark the permalink.

your comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s