Congo Launches Probe into Gecamines Embezzlement Scandal

The Democratic Republic of Congo has initiated an investigation into the alleged embezzlement of over $300 million by state-owned miner Gecamines between 2012 and 2020. This follows findings by the General Inspectorate of Finances that suggest significant financial discrepancies in tax advances and loans supposedly made to the national treasury.

The Democratic Republic of Congo has set forth an investigation into the alleged embezzlement exceeding $300 million by state miner Gecamines from 2012 to 2020, according to a statement from the justice ministry. Gecamines, a minority stakeholder in some of the globe's largest copper and cobalt projects, has faced persistent corruption allegations from NGOs and political opponents.

In 2022, the General Inspectorate of Finances (IGF) revealed inconsistencies in more than $400 million worth of tax advances and loans claimed by Gecamines to be transferred to the national treasury. The report indicated that $413 million appeared to be misappropriated, prompting ongoing audit efforts.

Despite Gecamines' consistent denial of any misconduct, the public prosecutor has been tasked by Congo's justice ministry to pursue a court case against those implicated in the fund misappropriation identified by IGF. The focus will center on the embezzlement of approximately $315 million in advance tax payments during the specified period. International arrest warrants have been issued for the individuals concerned, aimed at facilitating their apprehension across various countries.

(With inputs from agencies.)