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[PDF] Asset laundering and AIM: Congo, corporate misconduct and the market value of human rights

Author: Rights & Accountability in Development (RAID), Published on: 19 July 2012

This report sets out the history of CAMEC’s [now owned by Eurasian Natural Resources Corporation (ENRC)] listing on the London Stock Exchange’s Alternative Investment Market (AIM) in the context of the unresolved legacy of the wartime mining contracts awarded by the government of the Democratic Republic of the Congo (DRC)...[It]...is the first systematic examination of the extent to which corporate conduct in zones of conflict is taken into account by stock market regulations, and of whether existing rules are adequately enforced. Inadequate due diligence, both before and after admission to AIM, is one of the major failings identified in the report...The report questions the effectiveness and good faith implementation of AIM’s regulatory regime...[and]...concludes with recommendations for the British Government...This report supplements a...complaint submitted by RAID in June 2011 to AIM Regulation...AIM has refused to enter into a dialogue about the issues raised. [also refers to Oryx, Kababankola Mining Company, Gécamines, Tremalt, International, Prairie International Limited, Central Mining Group, Ridgepoint, Societé Miniere de Bakwanga, Operation Sovereign Legitimacy (OSLEG), Shaford, Congo Colbat Corporation (CCC), Boss Mining, Petra Diamond, DRC Resources Holdings, Nikanor, Konkola Copper Mines, Glencore]

Read the full post here

Related companies: Boss Mining (part of ERG) ENRC (part of Eurasian Resources Group) MIBA (joint venture Govt. of Dem. Rep. of Congo & Mwana Africa) Oryx Natural Resources Petra Diamonds Tremalt