Over revelation of significant irregularities in an audit conducted by the government of the Democratic Republic of Congo for the state-controlled diamond mining company MIBA, the government has suspended the Board of Directors and Management of MIBA.
In a statement released by the Democratic Republic of Congo President’s Office after a Council of Ministers meeting confirmed that the audit identified a host of problems including compliance, governance, production and financial management.
The statement also added that Congo’s Mines Ministry will propose measures to revamp MIBA that was founded in 1961.
Earlier, MIBA was formerly a jewel in minerals-rich Congo’s minerals industry, with reserves of gold, nickel and cooper. The company has witnessed a downfall pertaining to years of mismanagement, illegal mining, smuggling, and political instability.