Corruption | - Part 2

Barrick’s Trouble in Tanzania Deepens as Acacia Chiefs Depart

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…

HSBC Said to Be Focus of Criminal Probe Sought by U.K. Lawmaker

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JOHANNESBURG (Capital Markets in Africa) – HSBC Holdings Plc is the unnamed bank that is the focus of a senior British lawmaker’s demand for a criminal probe into a relationship with South Africa’s Gupta family, according to two people with knowledge of the allegations. Peter Hain, a Labour Party member of the House of Lords, asked the authorities to investigate a U.K. bank for “possible criminal complicity,” after it allegedly failed to take action on…

Nigerian lawmakers to probe national grid firm over $2 bln of foreign loans

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LAGOS (Capital Markets in Africa) – Nigeria’s lower house of parliament will investigate $2 billion of foreign loans which the state-owned national electricity grid operator may have raised without official approval, lawmakers said on Wednesday. The investigation could be a blow to efforts to improve Nigeria’s creaking power infrastructure, which is often blamed for hobbling growth in Africa’s largest economy. Nigeria privatized most of its power sector in 2013 but retained control of the dilapidated…

Rio, Ex-CEO Face Fraud Charges on $3.7 Billion Coal Calamity

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LAGOS (Capital Markets in Africa) – Rio Tinto Group’s calamitous $3.7 billion coal deal in Mozambique, involving a plan to barge the fuel hundreds of kilometres down the Zambezi River, keeps coming back to haunt the world’s second-biggest miner — already grappling with another African misadventure. U.S. authorities filed fraud charges against London-based Rio, former Chief Executive Officer Tom Albanese and ex-Chief Financial Officer Guy Elliott, claiming they inflated the value of the coal assets acquired in 2011. The unit…

Bank of Baroda Is Said to Be Probed in S. Africa Over Guptas

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JOHANNESBURG (Capital Markets in Africa) – India’s Bank of Baroda is being investigated by South Africa’s central bank over money held for companies controlled by the politically connected Gupta family, according to a person familiar with the matter. The South African Reserve Bank’s probe, which comes after it fined the bank in June for not doing enough to combat financial crime, was sparked after the Organisation Undoing Tax Abuse alleged in court papers that mine-rehabilitation funds held for two of…

Mkhize Plays Unity Card in Bid to Lead South Africa’s ANC

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JOHANNESBURG (Capital Markets in Africa) – As the battle to succeed President Jacob Zuma as leader of South Africa’s ruling party grows increasingly bitter, party Treasurer-General Zweli Mkhize is positioning himself as the one candidate who can stop the African National Congress from splitting apart. “If I was to be elected there are specific things that I would contribute to the ANC that would take it forward — unity is the one main issue,” Mkhize said in an interview…

McKinsey Offers to Repay Fee Billed to South Africa’s Eskom

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JOHANNESBURG (Capital Markets in Africa) – McKinsey & Co. said it is willing to repay consulting fees for work done for Eskom Holdings SOC Ltd. if a court finds that the state-owned South African power utility acted illegally when making the payments. Eskom last week said it will ask McKinsey to return 1 billion rand ($73 million) in unlawful payments and that Trillian Capital Partners refund it 564 million rand. Trillian was the so-called supply development…

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