May 2, 2014
New York link to controversial Congo mining deals
Daniel Balint-Kurti Anonymous Companies, Oil, Gas and Mining
Earlier this week the Wall Street Journal and the British human rights
organisation, RAID revealed that the US hedge fund Och-Ziff Capital
Management Group has been one of the main financial backers of Dan
Gertler, a businessman at the centre of a string of controversial
mining deals in the Democratic Republic of Congo.
The Och-Ziff revelations show that these Congolese deals were
facilitated by major players in the global financial hubs of New York
and London, often through subsidiaries in tax and secrecy havens, such
as the British Virgin Islands. This is an example of how the secrecy
afforded to companies in tax havens has been used to siphon off
billions of dollars from some of the poorest countries in the world.
Global Witness has been reporting extensively on Gertler's Congo deals
since late 2011, including by analysing his partnerships with Glencore
and the Eurasian Natural Resources Corporation. Five deals involving
Gertler are estimated to have lost the Congolese state at least $1.4
billion dollars, almost twice the country's health and education
spending.
Publicly disclosing the real owners of companies would help ensure
that we know who benefits from natural resource deals. It should no
longer be acceptable that anonymous company ownership allows a few
secretive companies and individuals to benefit at the expense of
ordinary citizens.
Och-Ziff said in March that it is under investigation by US
authorities for its African investments; this investigation should
help shed new light on these deals and must have the full cooperation
of tax havens.
http://www.globalwitness.org/blog/new-york-link-to-controversial-congo-mining-deals/
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