Congo recovers mining and oil assets from Israeli billionaire
Democratic Republic of Congo's outgoing president, Joseph Kabila, and his successor Felix Tshisekedi stand at Tshisekedi's inauguration ceremony in Kinshasa, Democratic Republic of Congo, January 24, 2019. REUTERS/ Olivia
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Anti-corruption group Congo is Not for Sale (CNPAV) has previously warned the mineral-rich country would lose out on $1.76 billion in potential royalty payments from copper and cobalt mining deals if officials did not review the contracts with Gertler's group.
The two sides have formally ended the multi-year contract after negotiations concluded between a government commission and Gertler's Ventora Development, formerly known as Fleurette Group, the presidential press office said, adding the company has agreed to return the assets.
"DRC (Congo) takes back control of its mining and oil assets," it said in a statement.
Ventora Development could not be reached for comment.
The U.S. Treasury imposed sanctions on Gertler and more than 30 of his businesses in December 2017 and June 2018, accusing him of leveraging his friendship with former Congo President Joseph Kabila to secure lucrative mining deals. read more
Gertler denies any wrongdoing.
In its report, CNPAV accused Gertler of acquiring mining and oil licenses at "knockdown prices before selling them on to international partners, or even back to the government, for incredible profits."
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