'The world’s biggest mining firm Glencore secretly loaned tens of millions of dollars to an Israeli billionaire after enlisting him to secure a controversial mining agreement in the Democratic Republic of the Congo (DRC), it has been revealed. The details were leaked as part of the Paradise Papers.
A trove of more than 13 million documents from the world’s leading offshore law firms, including Appleby, was released through the International Consortium for Investigative Journalists (ICIJ) on Sunday. The documents lay bare the secretive multi-jurisdictional dealings of Glencore, a scandal-plagued, Anglo-Swiss multinational with mining interests across the globe.
As a friend of the Congolese President Joseph Kabila, Israeli billionaire Dan Gertler’s role has been questioned by anti-corruption campaigners since Glencore floated in London in 2011. His notoriety in the resource-rich but conflict-riven and corrupt DRC spans nearly two decades.
Gertler was cited by a 2001 UN investigation, which said that he had given Kabila $20 million to buy weapons to equip his army against rebel groups in exchange for a monopoly on the country’s diamonds. A 2013 Africa Progress Panel report said a string of mining deals struck by companies linked to him had deprived the country of more than $1.3 billion in potential revenue. Last year, he was implicated in a scheme to bribe Congolese officials on behalf of US hedge fund manager Och-Ziff Capital Management, according to Bloomberg.'
Read more: Glencore’s secret loan for Israeli billionaire to secure Congo mining rights revealed
Did you like this article?
Thank you for your vote!
29 September 2015
Is Glencore The Next Lehman? The World’s Largest Commodities Trading Company Is Toast
12 September 2015
Humbling of a Master of the Universe: He paid Blair $1million for a day's work to create a corporate colossus with a stranglehold on the world's resources
28 June 2014
Australian Coal Mining Corporation Glencore's tax bill on $15 billion income: zip, zilch, zero
From our advertisers
From our advertisers