Jinchuan Group Uncovers $145 Million Fraud in Congo Mining Operations
Jinchuan Group International Resources Co, a Hong Kong-listed mining unit of a major Chinese state-owned metals conglomerate, has revealed a significant financial fraud at its Ruashi Mine in the Democratic Republic of Congo. An independent investigation found that nearly $145 million was misappropriated through fake procurement deals, cash payments, and fabricated invoices. The fraud, which occurred between 2019 and 2024, involved former local employees exploiting weak internal controls to divert funds through suppliers and intermediaries without legitimate business purposes. The probe also identified $66.8 million in spending related to 'government-related affairs' in Congo, although no evidence was found of illegal payments to government officials. Jinchuan has reported the matter to Congolese prosecutors, dismissed implicated employees, and is overhauling its procurement and payment controls. 
