Congo’s state- owned miner, Gecamines challenges court’s ruling

The Democratic Republic of Congo’s state-owned copper and cobalt miner, Gecamines is challenging a ruling by a local court that it owes an Israeli billionaire, Dan Gertler, a $168 million loan.

Gertler’s Fleurette Mumi Holdings Ltd. offered a 200 million-euro line of credit to Gecamines in October 2017, two months before he was sanctioned by the U.S. government for alleged corruption related to Congo deals.

Gecamines announced in a statement that Fleurette Mumi has since changed its name to Ventora Development Sasu, one of Gertler’s companies, following the sanction.

Last month, a Lubumbashi-based commercial court ordered Gecamines to repay the principal loan and interest to Ventora Development Sasu, one of Gertler’s companies singled out by the U.S. sanctions.

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