Group suspends Congo for lack of disclosure

KINSHASA, Congo (AP) — The Extractive Industries Transparency Initiative says it is suspending Congo’s membership for a year over failures to disclose all mineral and oil revenues.

A statement Thursday says that despite “significant progress” the country still has not presented reliable figures to the Oslo-based organization working to increase accountability and governance in mining by companies and governments.

The organization’s last report, for 2010, has Congo’s government reporting mining revenue of $875,938,727 and companies reporting payments to the government of $773,021,963. That is an improvement on the previous report, for 2009, where the government reported revenue of $255,218,632 against the companies’ $293,448,340.

Corruption is endemic in mineral-rich Congo. The International Monetary Fund canceled its loan program there last year because the government refused to reveal details of mining deals.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s