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Vol 4 (AAC) No 12

Published 1st October 2011


Diamond dealers

Parliamentary investigations expose a cosy relationship between the South Korean government and the backers of a controversial diamond project

President Lee Myung-bak’s government faces another corruption scandal linked to its African resource diplomacy after a little-known mining company claimed to have made a record-shattering diamond discovery in eastern Cameroon. A parliamentary audit revealed last month that the South Korean government has backed C&K Mining’s quest for diamond mining rights at Mobilong and Limokoali in Cameroon without verifying the details. The Foreign Ministry also offered to increase aid after a Cameroonian official suggested that it would help secure approval for C&K Mining’s permits. Furthermore, members of parliament accuse the government of exaggerating the discovery’s potential, leading to inflated profits for C&K Mining’s private shareholders.

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