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Congo Prime Minister Halts Asset Sales before Cabinet Change [Dem. Rep. of Congo]

Author: Michael J. Kavanagh, Bloomberg , Published on: 29 October 2013

Democratic Republic of Congo Prime Minister...forbade sales of state assets and the signing of new contracts while the country awaits a cabinet reorganization...During the transition, there is a "prohibition on the sale, transfer, or disposal of state assets", it said. The order applies to all state-owned companies, while officials are also forbidden from concluding new financial engagements and procurement contracts...Gecamines...is facing pressure from advocacy groups including Kofi Annan’s Africa Progress Panel after announcing it may sell its shares in Glencore Xstrata Plc-controlled Kamoto Copper Corp...Publish What You Pay...and a group of Congolese non-governmental organizations monitoring the mining industry called for Gecamines to undertake a new tender process if it decides to sell the stake in KCC...the groups also question Gecamines’ plan to create an offshore company to separate its profitable joint venture stakes from its nearly $1 billion debt...The groups "fear that this subsidiary will only serve to launder funds that could be embezzled by Gecamines’ officials since it will be difficult for Congolese authorities to control the subsidiary"...

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Related companies: ENRC (part of Eurasian Resources Group) Freeport-McMoRan Gécamines Glencore Katanga Mining