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This week, Finance Minister Emmanuel Kasonde receives the final audit report explaining how Zambia lost at least US$60 million in a cobalt marketing agreement with Bahamas-based Metal Resources Group in 1998-99. The audit criticises MRG's contract with state-owned Zambia Consolidated Copper Mines, asking why ZCCM officials agreed to such damaging terms. Kasonde will make recommendations to President Levy Mwanawasa: options include a police investigation of ZCCM officials linked to the contract, compensation claims against MRG and a wider investigation into beneficiaries of the deal....

(This article contains approximately 419 words)

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Keywords:

Emmanuel Kasonde, Bahamas, Levy Mwanawasa, Mauritian, Frederick, Chiluba, South, Africa, Webby, Wake, Congo-Kinshasa, Zimbabwean Billy Rautenbach, United States, Netherlands, China, Swiss, Marc, Rich, Finland, Africa Confidential

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