U.N. Report On Congo Names and Shames

In a report released today, a U.N. Security Council panel called on the United Nations to enforce financial restrictions on 29 companies and 54 individuals who, they allege, are involved in the exploitation of billions of dollars worth of diamonds and other minerals from the Democratic Republic of the Congo.

"The elite networks derive financial benefit through a variety of criminal activities, including theft, embezzlement, diversion of public funds, undervaluation of goods, smuggling, false invoicing, non-payment of taxes, kickback to public officials and bribery," the five-member panel reported.

Included in the “Name and Shame List” are four Belgian based diamond firms. The panel has urged the U.N. to bar all of the named companies from “accessing banking facilities and other financial institutions or other commercial relations with international financial institutions.” It also recommended the implementation of travel bans, a freeze on personal assets and the same financial restrictions as the business to be imposed on the 54 individuals. 

The report also names 85 multinationals in South Africa, Europe and the United States that it says have violated ethical guidelines on conflict zones set down by the Organization for Economic Cooperation and Development. Firms mentioned include Anglo American PLC, De Beers, Barclays Bank, Bayer A.G., among others.

According to the panel, an elite network of Congolese and Zimbabwean political, military and commercial interests, seeks to maintain its grip on the main mineral resources – diamonds, cobalt, copper, germanium  - of the governmental controlled areas. “This network,” states the report, “has transferred ownership of at least $5 billion in assets from the state mining sector to private companies under its control in the past three years with no compensation or benefit for the state treasury."