Insider trading cases 201648 comments
Pc trades brokers llc weston
The latest United Nations report assessing the gold smuggling racket points out that this money is being used as a source of financing for the wars raging in the eastern DR Congo. Armed conflict, corruption, poor quality of life for citizens and illegal mineral exploitation and interference from neighbouring countries in pursuit of mineral wealth remain major sources of instability in the DR Congo. The Africa Progress Panel, after analysing five mining deals in the DR Congo late last year, said there was massive undervaluation of assets and sale to offshore companies.
The six-member panel of experts puts the quantity of gold smuggled out of Uganda last year at 6, kilogrammes, although the Ugandan government officials told the UN group that only kg of gold were exported from the country during the period from January 1 to November Four major minerals found in the DR Congo comprise the primary sources for funding of rebel groups — gold, tin, coltan tantalum and tungsten. All the minerals are central to the manufacture of various goods across the globe.
Conflict minerals ban in the Great Lakes region gets stronger despite resistance. Rwanda pays price of link to conflict minerals. The report does not estimate the quantity or value of gold smuggled through Burundi because the country has no production data for gold nor a tracing system for gold exports.
As is the case in Burundi, the report adds, Congolese gold smuggled into Tanzania is blended into official exports and smuggled separately out of the country. Gold smuggling on so enormous a scale would not occur if the DR Congo government were to crack down on the illegal trade, the UN team suggests, noting that elements of the Congolese army play an important role in the illicit operations. Congo national army accused of systematic rape and pillaging. A transhipment point for gold for a long time, Uganda in May saw the commissioning of a gold refining operation in Kampala, for the first time bringing the trade above board.
There is active mining in Busia, Buhweju, Mubende and Karamoja. Accusations of gold smuggling against Uganda are not new, with a raft of high-ranking military officials once being accused by the UN Panel of involvement in smuggling Congolese minerals and other natural resources from the DR Congo. However, Uganda says it now has a mineral processing protocol with the Congolese government and dealings with Congolese gold dealers are above board.
No room for smuggled stones here, says Uganda. The UN report says that local militias in the DR Congo, backed by Uganda, Rwanda and mining multinationals, get supplies of food, money, and military hardware in exchange for smuggled minerals. It accuses Rwanda, Uganda and Zimbabwe of systematically exploiting Congolese resources and recommends that the Security Council impose sanctions. In March , Kenya and the DR Congo agreed to jointly investigate the illegal gold trade because Kenya had emerged as a major hub for the trade, after Congolese President Joseph Kabila visited Nairobi to request then president Mwai Kibaki to help him locate 2.
Kenya and DRC to fight illegal gold trade. Much of the gold is exported to the Middle East and Europe, while coltan, which is used in electronic goods such as mobile phones, is in high demand worldwide. In , President Kabila banned mining in much of the east of the country, saying he wanted to cut the link between conflict and minerals, but the move did not work because Kinshasa failed to streamline the extracting industry, so that highly placed personalities in his own government preferred the status quo for their own benefit.
Citing a United States Geological Survey estimate of 10,kg of gold artisanally mined per year in the DR Congo, the report notes that official gold exports from January to October last year amounted to only kg. Kenya and Uganda have become major exporters of gold, since the two countries have the infrastructure to transport illegal minerals to international markets.
An estimated 20 million people in DR Congo, Uganda, and Rwanda and to some extent Kenya, depend on the illegal mining of minerals as their only sources of livelihood. Dar to trace cash lost in smuggling of minerals. The source was suspected to be the DR Congo. In , another UN report said that traders in Rwanda profiting from tin, tungsten and tantalum smuggled across the border from mines in eastern DR Congo were helping fund the M23 rebels.
New president's promise to Sierra Leoneans Bio pledges fair rule as challenger vows to go to court. Israel frees detained migrants set for Rwanda Zuma due in court on corruption charges 12 dead and 46 injured in Tanzania bus crash Opposition leader wins Sierra Leone run-off, takes oath Focus on Ethiopian dam as Nile water talks resume.