Features | - Part 172

Corbyn Says Queen’s Offshore Investments Should Be Probed

LONDON (Capital Markets in Africa) – U.K. opposition Labour Party leader Jeremy Corbyn said an inquiry into offshore investments and tax evasion that he’s calling for should also cover Queen Elizabeth II’s holdings. The monarch found her financial arrangements splashed over British newspaper front pages Monday after leaked information, known as the Paradise Papers, from Bermuda law firm Appleby Group Services Ltd. showed she had made a series of investments in a Cayman Islands fund through the British Royal Family’s private…

Mugabe Fires Deputy After Wife Says She Can Lead Zimbabwe

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Zimbabwean President Robert Mugabe dismissed Emmerson Mnangagwa as his deputy, a day after first lady Grace Mugabe accused him of planning a coup and said she’s prepared to succeed her husband as leader of the southern African nation. Mngangagwa, 75, was fired for “among other things, disloyalty,” Information Minister Simon Khaya Moyo told reporters Monday at Mugabe’s office in the capital, Harare. The announcement followed the president’s comments at a rally on Saturday in the southern African…

Congo Plans to Hold Presidential Elections in December 2018

Posted on by The Editorial Team

KINSHSA (Capital Markets in Africa) – The Democratic Republic of Congo will hold delayed presidential elections on December 23, 2018, the electoral commission said, a year later than opponents of President Joseph Kabila have demanded. National and provincial parliamentary polls will take place on the same date, Independent Electoral Commission Rapporteur Jean-Pierre Kalamba told reporters Sunday in the capital, Kinshasa. A series of other votes including senatorial, gubernatorial and mayoral ballots will be held from March 2019 to…

Kenyan Politician Files Petition to Overturn Vote Rerun Result

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) A Kenyan politician lodged a petition at the Supreme Court challenging the validity of last month’s repeat presidential elections, arguing the vote breached the law and wasn’t free and fair. The petition was filed by Harun Mwau, a former legislator, the Judiciary’s spokeswoman, Lilian Mueni, said by phone from the capital, Nairobi. The Independent Electoral & Boundaries Commission proceeded with the Oct. 26 vote rerun despite opposition candidate Raila Odinga’s withdrawal. The…

Glencore’s Big Electric Car Bet Carries Plenty of Risk

Posted on by The Editorial Team

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…

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