Download more documents related to Global Witness's investigation into ENRC below
Eurasian Natural Resources Corporation (ENRC), one of the largest mining groups listed on London’s stock exchange, has over $2 billion worth of investments in the Democratic Republic of Congo. That could well increase to around $4 billion if additional deals are agreed, as is widely expected. ENRC’s mining deals in Congo are intimately wound up with the controversial businessman Dan Gertler, who is a friend of Congolese President Joseph Kabila.
Global Witness is concerned that ENRC’s business dealings with offshore companies in Congo, including those that are known to be linked to Mr Gertler, could pose serious corruption risks. ENRC has said that it “is resolutely opposed to bribery and corruption in whatever form it may take” and will take appropriate action to address corruption concerns. But for ENRC to properly address these issues, it must answer Global Witness’s questions in full within an external audit it has commissioned, and this should be made public.
The report linked to below about ENRC’s mining acquisitions in Congo, published 11 June 2012, comes out one month after Global Witness raised similar concerns around Glencore’s operations in the country. Glencore is the biggest commodities trading company in the world and, like ENRC, its business in Congo is tightly linked to Mr Gertler’s offshore firms.
Since 2010, the Congolese state has been selling off stakes in its prize mines to secretive offshore companies at small fractions of commercial valuations. Through these deals, Congo, one of the poorest nations in the world, has foregone billions of dollars in revenues. The profits are going into the hands of unknown people and their international partners. It is time for ENRC, Glencore and Mr Gertler to fully explain their business practices and shed full light on this matter.
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