RAID Profile picture
4 Nov, 10 tweets, 9 min read
A US judge today sentenced a subsidiary of New York hedge fund Och-Ziff for #corruption in #DRC.

Court documents reveal a lot about who was responsible. Though not charged, businessman #DanGertler features prominently.

This THREAD reveals what the court documents say: (1/10)
Canadian company Africo, the owners of the Kalukundi #copper and #cobalt mine in #Congo were the victims of #corruption. (2/10)
Och-Ziff admitted it funded investments in #DRC knowing that some of the money would be used to pay bribes. (3/10)

#corruption #bribery #FCPA
#DanGertler then took over the Kalukundi mine, paying rock bottom prices. The World Bank’s International Finance Corporation (@IFC_org) was a shareholder. Over a year later, IFC quietly sold its shares at a substantial loss, while Gertler and Och-Ziff made huge profits. (4/10)
The guilty party in this court case, Och-Ziff subsidiary OZ Africa, is clear in its court filings who it blames for the wrongdoing. (5/10)

#DRC #corruption #bribery
The result of the #corruption was devastating for local communities. The Kalukundi mine was not developed, jobs were not realised, and community improvement plans for access to drinking water, health and education were shelved. (6/10)

#DRC #VictimsOfCorruption #Kisankala
The judge ordered $135 million in compensation to the shareholder victims. #DRC communities were not even a consideration in the court case - and received $0.

(7/10)
The World Bank’s IFC could have represented #DRC community interests in the court case, and sought to recover millions, but it waited till the last minute. It’s still not clear how this will unfold. (8/10)
#DanGertler denies wrongdoing. To date, he has not been charged in the US or elsewhere. His wealth is estimated at $1.2bn.
He once said: “I should get a Nobel Prize. They need people like us, who come and put billions in the ground. Without this, the resources are worth nothing.”
To put the scandal behind it, Och-Ziff changed its name to Sculptor @sculptorcm.

What will happen to IFC’s restitution rights remains unclear.

Local communities remain impoverished.

See our full press release here: bit.ly/3kTMJY2

(10/10)

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with RAID

RAID Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @raidukorg

5 Nov
Un juge américain a condamné aujourd’hui une filiale du fonds spéculatif Och-Ziff pour #corruption en #RDC.

Les documents du procès en disent long sur les responsables, #DanGertler en tête, bien que non mis en examen.

Ce FIL révèle le contenu des documents du procès : (1/10) Image
La société canadienne Africo, propriétaire de la mine de #cuivre et de #cobalt de Kalukundi au #Congo a été victime de #corruption. (2/10) Image
Och-Ziff a admis avoir financé les investissements en #RDC sachant qu’une partie de l’argent servirait à payer des pots-de-vin. (3/10)

#corruption #potsdevin #FCPA Image
Read 10 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!