Guinea: scandal over missing BCRG gold in Dubai

A scandal shakes the Central Bank of the Republic of Guinea (BCRG) : nearly 4 tons of gold, valued at around 400 million dollars, are missing after a transfer to Dubai.

According to experts contacted, this gold would not have disappeared but would be the subject of trading practices involving influential figures within the BCRG. The governor of the BCRG, Karamoko Kaba, sees himself under pressure from an affair which is shaking the thick walls of the institution he heads. When he took office, the same accusations were made against his predecessor, Lounceny Nabé, accused of embezzlement. “However, Nabé had acted within a more formal framework, in particular by signing a contract with the company Affinor for the placement of three tonnes of gold over 12 months with an announced profitability of 5.25%. », Reports the Guinean press. “According to numerous sources, Governor Karamoko Kaba initiated gold transactions without involving the competent services of the Central Bank,” underlines the site guinee7.com.

An influential Guinean gold miner is cited in this affair, closely followed by the presidency of the republic. Guinea exports its raw gold to have it refined in Dubai before repatriating it to Conakry. Transport is provided by MSS Security, a company run by businessman Yacoub Sidya. Transport documents, including manifests and contracts, are validated by customs both on departure and arrival. A source close to the matter indicates that if a breach exists, it would have occurred on arrival. MSS Security, which is limited to transport and not refining or trading, is not involved in this scandal, according to our sources. Yacoub Sidya, currently in the finalization phase of a refinery in Conakry, responded quickly to Guinean investigators despite his absence from Guinean territory when the affair broke out.

At the same time, revelations indicate the refusal of the KPMG firm to certify the BCRG accounts for the 2023 financial year. Speculations and questions persist, pending the official conclusions of the current investigation.