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New DR Congo Investigative Report: Covert Capital

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New DR Congo Investigative Report: Covert Capital

Posted by Enough Team on May 22, 2019

A new investigation by Enough Project’s partner, The Sentry, has uncovered how family members and allies of former President Joseph Kabila attempted to acquire a stake in three commercial banks in the Democratic Republic of the Congo, accounting for more than one quarter of Congo’s $5 billion banking sector. Our investigation focused on Kwanza Capital, a little known investment firm controlled by the former president’s family and linked to an international network of businessmen and companies.

In our ongoing efforts to track money laundering, our investigative report exposes how former president Joseph Kabila and his family sought to infiltrate the banking system through Kwanza Capital and apparently collected millions along the way. Our report also identifies the corporate players from around the world who sought to profit.” — George Clooney, Co-Founder of The Sentry.

Key findings relating to the firm include:

  • Over one hundred million dollars circulated through accounts held by Kwanza Capital at a bank linked to the family of Joseph Kabila
  • Financial records reviewed by The Sentry reveal several indicators of money laundering by Kwanza Capital as well as red flags that it may have received millions of dollars in misappropriated funds

“The story of Kwanza Capital is a vivid illustration of the potential risks to the global financial system when prominent public officials, their family members, or their associates control financial institutions. The Sentry’s investigative report is also a clarion call for the Congolese government to ensure that key regulatory bodies are free from political influence and empowered to do their work properly. The risks outlined in the report—and the need to protect against them—are not just relevant to tackling entrenched corruption, but are critical for attracting responsible investment and improving financial inclusion in a country where the level of access to such services is dismally low,” said John Dell’Osso, Senior Investigator at The Sentry.

Click here to read Covert Capital.