Features | - Part 173

Glencore’s Big Electric Car Bet Carries Plenty of Risk

KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo has been presented as a Glencore Plc trump card, but that’s not to say this particular mining play is without risk. On Monday, journalists delving into the so-called Paradise Papers shed more light on Glencore’s activities in the mineral-rich African country, including a loan it made in 2009 to an entity affiliated with controversial Israeli billionaire Dan Gertler. For reasons of brevity, I won’t…

Guptas Inflated Oakbay Price Through Trade by Singapore Firm

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – The Gupta family inflated the share price of a company it controlled on its Johannesburg Stock Exchange debut by lending money to a Singapore firm to be used to trade the equities. That came ahead of plans to raise funds for a uranium mine. The Guptas, who are embroiled in a corruption scandal linked to South African President Jacob Zuma, agreed to loan $1 million from bank accounts in Dubai…

Barrick’s Trouble in Tanzania Deepens as Acacia Chiefs Depart

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – The downfall of Acacia Mining Plc took a new turn as the company’s top executives resigned, bringing fresh uncertainty to the future of the Tanzanian miner owned by Barrick Gold Corp. Chief Executive Officer Brad Gordon and Chief Financial Officer Andrew Wray will step down on Dec. 31, the gold miner said in a statement. The miner’s top three executives are planning to leave, as Chief Operating Officer Mark Morcombe said last month…

Liberia VP Pledges to Respect Court Verdict on Election Dispute

Posted on by The Editorial Team

MONROVIA (Capital Markets in Africa) – Liberian Vice President Joseph Boakai, the ruling party’s candidate to succeed President Ellen Johnson Sirleaf, said he will abide by the outcome of a legal challenge to the results of last month’s first round vote. The West African nation’s Supreme Court on Wednesday halted preparations for a runoff on Nov. 7 after a losing candidate in the first round lodged an objection and called for a rerun of the election. Liberia’s soccer-star-turned-politician, George…

Liberia Court Halts Run-Off Election to Hear Fraud Charges

Posted on by The Editorial Team

MONROVIA (Capital Markets in Africa) – Liberia’s Supreme Court halted next week’s presidential run-off vote to hear a challenge brought by a first-round losing candidate that the election was marred by fraud. The court issued a stay order for the Nov. 7 poll and will consider the complaint filed by the Liberty Party on Thursday, according to a writ issued on Wednesday. The Liberty Party lodged the objection and called for a rerun after its candidate,…

Congo Ruling Party Rebuffs U.S. Elections Call, Backs 2019 Vote

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – The head of the Democratic Republic of Congo’s ruling party said he supports a program under which elections will be held in April 2019 at the earliest, in an apparent rejection of a U.S. government demand that the delayed vote take place next year. The secretary-general of the People’s Party for Reconstruction and Democracy, Henri Mova Sakanyi, told members he backs the timeline given by the electoral commission, according to…

Specter of Violence Looms Over Kenya After Two Disputed Votes

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – The specter of political violence lingers over Kenya after two shambolic elections within three months left the East African nation no closer to resolving a stalemate over who’s its rightful leader. While President Uhuru Kenyatta was declared the winner of both contests, his main rival Raila Odinga rejected the Aug. 8 vote as rigged and boycotted a court-ordered Oct. 26 rerun after the electoral agency ignored his demands to fire staff and change…

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