Jump to navigation

Vol 43 No 12

Published 14th June 2002


Zambia

Cobalt crunch

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.

End of preview - This article contains approximately 419 words.

End of preview

Subscribers: Log in now to read the complete article.

Account Holders: Log in now and use your Account Credit to buy this article. No Credit? Top up your Account now.


If you are logged in, but still cannot access the full text of this article, email customer services or telephone us on +44(0)1638 743633.