The government announced on Friday that a corporation controlled by Israeli billionaire Dan Gertler will return control of major mining and oil assets to the Democratic Republic of Congo.
Congo is Not for Sale, an anti-corruption group, had warned that if officials did not evaluate the contracts with Gertler’s business, the mineral-rich country would lose out on $1.76 billion in possible royalty payments from copper and cobalt mining operations.
After negotiations between a government committee and Gertler’s Ventora Development, formerly known as Fleurette Group, the two sides have formally ended the multi-year contract, according to the presidential press office, with the company agreeing to return the properties.
In a statement, it claimed, “DRC (Congo) reclaims control of its mining and oil assets.”
Ventora Development was unavailable for comment.
In December 2017 and June 2018, the US Treasury levied sanctions on Gertler and more than 30 of his companies, accusing him of utilizing his ties with former Congo President Joseph Kabila to gain lucrative mining deals.
Gertler is adamantly opposed to any misconduct.
CNPAV accused Gertler of buying mining and oil licenses at “bargain prices” before selling them to international partners or even the government for huge profits, according to the report.
