Home / Articles / Congo's mining revenue 'missing' – Global Witness

Congo's mining revenue 'missing' – Global Witness

More than 20% of the Democratic Republic of Congo’s mining revenue is being lost due to corruption and mismanagement, a campaign group says.According to a Global Witness report, the money is being distributed through corrupt networks linked to President Joseph Kabila.At least $750m (£580m) has gone missing over the past three years, it says.The government has not commented but has previously denied allegations of corruption in its mining sector.Africa Live: More on this and other storiesDR Congo – Too rich for its own goodMore about DR CongoDR Congo is Africa’s biggest producer of copper and the world’s largest supplier of cobalt used in batteries for electric cars. It is also rich in gold, diamonds and coltan, used in mobile phones, but its people remain among the poorest in the world following years of conflict and mismanagement.”Congo’s mining revenues should be helping to lift its people out of poverty,” says Pete Jones, a Global Witness senior campaigner.According to the report, much of DR Congo’s mining revenue goes missing after being paid to the state-owned mining company, Gécamines.The head of Gécamines, a close ally of President Kabila, has denied allegations of corruption and insisted the company is transparent. Other alleged culprits identified by the report are the country’s tax agencies which are legally allowed to hold back a percentage of the taxes they impose. This creates avenues for corruption through inflating how much of the fines they can keep for themselves, Global Witness says.The report says that if the money not reaching the state coffers through corruption, mismanagement and an ineffective tax system was collated, from 2013 to 2015, then the amount rises to $1.3bn.
Source: BBC News

About Business Ideas UK

My name is Joel Bissitt. I have been an entrepreneur for 24 years and have run many small businesses across various sectors. For the last 10 years I have worked mainly within online media, franchising and small business start-ups. I am an author of various websites including Franchise UK https://www.franchise-uk.co.uk

Check Also

How the microwave oven became a million dollar idea

[unable to retrieve full-text content]The BBC’s Aaron Heslehurst explains how the microwave oven became …

Free Franchise Guide

Free Franchising Guide

 

Interested in buying a franchise? The our FREE Franchise Guide is a must! The guide contains lots of information to help you decide if franchising is right for you.

 

To claim your Free Franchise Guide click here