The Congolese General Inspectorate of Finance (IGF) has concluded its long haul investigation on state mining company Gécamines according to reliable sources.
More than U$400 million in tax advances and loans that Democratic Republic of Congo’s state mining company Gecamines said it paid to the national treasury cannot be found, according to a report by IGF.
Gécamines presented accounts to auditors from the IGF showing tax advances and loans to the Congolese state of more than U$591 million, but only U$178 million could be traced to the treasury’s accounts, according to an IGF audit report.
The report, which is dated May 31 but has not been publicly released, said the missing U$413 million were presumed to have been misappropriated and that auditors would continue their investigations.
The report said another U$175 million paid to Gecamines as a signing bonus for a copper and cobalt project could not be traced to the treasury either, and faulted the company for failing to independently evaluate the levels of mineral reserves at its joint ventures with foreign investors.
The investigation initiated last year covers Gécamines activities for a period from 2010 to date.
Gécamines has been at the centre of controversies since President Felix Tshisekedi took power and promising to fight endemic corruption in the central African nation.
Since coming to office in 2019, President Felix Tshisekedi has overhauled Gecamines’ leadership, replacing the executives most closely connected to previous corruption allegations.
Gecamines has long been dogged by accusations of corruption made by non-governmental organisations and opposition politicians.
Gecamines has always denied all allegations of wrongdoing.