President Felix Tshisekedi of the Democratic Republic of Congo has shown the desire to review some mining contracts with foreign companies. This is because a lobby warns that the country will potentially lose at least $3.7 billion in skewed mining and oil deals with controversial Israeli billionaire, Dan Gertler.
So far, Kinshasa has lost nearly $2 billion in revenue when it made mining and oil assets sales to Mr Gertler whose companies are under US sanctions for alleged corruption in Congo.
Between 2003 and 2021, DRC lost $1.95 billion in revenues while Mr Gertler’s companies, which own royalty streams in the country, expect $1.76 billion in future royalty payments by 2039. While he has been accused of exploiting congo, Mr Gertler denies any wrongdoing but the lobby has called on President Tshisekedi to order a thorough investigation into all mining deals involving Mr Gertler.