The Congolese judicial police have confirmed that they are probing a case in which the sum of USD650 million, belonging to the state, was found held in 52 global sub-accounts which ran parrelel to that of the country's Central Bank. The sub-accounts have since been blocked pending an investigation.
According to Congo's Finance Inspector General Jules Alingete, the country has been loosing billions of dollars worth of revenues as a result of state money being paid into sub-accounts, after it's first channeled through other transit accounts, instead of it being deposited directly into the account of the Central Bank. This type of payment clearing and settlement system, said the Inspector General, contravenes the financial regulations.
The statement by the Finance Inspector General comes at a time the Central Bank Governor Deogratias Mutombo, had to answer questions regarding the USD100 million paid by mineral company Mutanda Mining, as an advance tax on profit.
The payment was made in 2015 at the request of the Congolese government, which needed the money to prepare for the upcoming elections.
Then Finance Minister Henri Yav Mulang, had signed an exemption document allowing the transaction for the funds skip certain financial regulations.
Based on the documents produced by Mutanda Mining, the amount was paid in two installments with a sum of USD20 million directly deposited into the account of the Central Bank, while USD80 million was paid into the Bank of International Settlement, via UBC bank.
But somehow the amount never made it to the coffers of the national treasury; and now during his interrogation, Deogratias Mutombo has admitted that the Central Bank never received any parts of the USD100 million.
Investigations are continuing as the administration of President Felix Tshisekedi is determine to recover the money and hold officials accountable.
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