Dan Gertler

Dan Gertler (born 23 December 1973) is an Israeli billionaire businessman in natural resources and the founder and President of the DGI (Dan Gertler International) Group of Companies. He has diamond and copper mining interests in the Democratic Republic of the Congo (DRC) and has invested in iron ore, gold, cobalt, oil, agriculture, and banking.[3] He may also hold citizenship of that country.[1] As of 2015 his fortune was estimated at $1.26 billion by Forbes.[4]

Dan Gertler
Born (1973-12-23) 23 December 1973[1]
NationalityIsraeli
OccupationBusinessman
Years active1996–present
Net worth US$1.22 billion (2017)[2]
TitlePresident, DGI (Dan Gertler International) Group of Companies
Term1996–present
Spouse(s)Anat Gertler
RelativesMoshe Schnitzer (grandfather)
Shmuel Schnitzer (uncle)

Gertler's deals have been under scrutiny by the International Monetary Fund (IMF) and the World Bank since 2012. He has been described as controversial.[5] The Panama papers revealed deals carried out through Mossack Fonseca shell companies, among his many offshore companies.

Effective 21 December 2017, US President Donald Trump issued Executive Order 13818 implementing the Global Magnitsky Human Rights Accountability Act and listed Gertler in the Annex, which blocked all of Gertler's assets that were under U.S. jurisdiction.[1] According to The Economist, the implementation of these sanctions was probably one of the reasons that Gertler's close friend, then-President of the Democratic Republic of the Congo, Joseph Kabila decided to not run for re-election in the December 2018 general election.[6]

Early life and education

Dan Gertler was born in December 1973, a grandson of Moshe Schnitzer, first President and co-founder of the Israel Diamond Exchange in 1947,[3] who won the Israel Prize in 2004. His family was traditionally involved in cutting and merchandising diamonds. While growing up, Gertler spent as much time as he could learning about the diamond trade from his father and grandfather. As soon as he had completed his 3-year mandatory service in the Israeli Defense Forces he opened his own diamond business.[7]

Career

In 1996, Gertler founded the Dan Gertler International (DGI) group of companies.[8] He bought his first mine in the DRC in 1997.[9] Gertler purchased many of the Congo's "most profitable mineral rights" and has been a "close friend" of the President of the Democratic Republic of the Congo (DRC), Joseph Kabila since their youth.[10] Joseph Kabila introduced Gertler to his father Laurent Kabila in 2000, when he served as DRC President[3]

Dan Gertler International (DGI)

International Diamond Industries-Congo (IDI-Congo)

After gaining experience with purchasing and marketing artisanally mined diamonds from the DRC, Gertler started negotiations to establish a partnership with the Societé Minière de Bakwanga (MIBA), a DRC state-controlled diamond mine operator.[11] Through his friendship with the young Joseph Kabila, Gertler was introduced to his father Laurent Kabila, then President of the Democratic Republic of the Congo (DRC), in 2000.[3]

From September 2000 through April 2001, Gertler had the sole right to buy "all diamonds produced in territory under the control of the Congolese Government", for which he had paid Kabila $20 million.[8] He ran a quasi "comptoir" in the DRC with International Diamond Industries-Congo (IDI-Congo), the affiliate of his Israeli firm, IDI-Diamonds Industry. IDI-Congo received 70 percent of the profits and the Congolese Government received 30 percent, which included the state diamond producer, La Societé Minière de Bakwanga (MIBA) and all diamonds sold by private businesses. The deal was to "regulate and certify the origins of its diamonds under new UN requirements intended to weed out blood diamonds" and diamond smuggling.[12] Even with the IDI-Congo monopoly offering below-market prices for diamonds, the Congo received a greater percentage of diamond revenues than before the monopoly was in place.[13]

A report by the mines auditing service at the mines ministry was harshly critical of IDI-Congo's diamond export monopoly.[12] The IDI deal was haunted by allegations that Israelis had arrangements to train Congolese security forces in brutal techniques, as they had under Mobutu Sese Seko and that IDI was buying diamonds from UNITA. Also, by paying below the market price IDI encouraged smuggling into the Republic of the Congo (Brazzaville).[13]:10

After Laurent Kabila died in January 2001, Gertler briefly lost influence in the Congo.[8] In April 2001, Laurent's son and successor Joseph Kabila revoked IDI's monopoly. DRC diamond producers shut out of the IDI monopoly had been unhappy with the monopoly and the International Monetary Fund encouraged the country to liberalize the diamond industry.[13]:10 Gertler soon managed to reestablish a relationship with Joseph Kabila.[8] becoming increasingly close, to the point that in 2006 Kabila invited him to his wedding.[14] By 2009, DGI group was one of the largest wholesale distributors of rough and polished diamonds in the world. The group spans mining, manufacturing and sales.[8]

Emaxon Finance International Inc and the Diamond Industry (2001-)

In 2001, Gertler established Emaxon Finance International Inc in Canada as a subsidiary of the Dan Gertler International (DGI).[15] also reported by the International Development Research Centre according to the 2001 International Peace Information Service (IPIS) publication and according to the Quebec trade register.[16]:5[17] In April 2002, Emaxon Finance Corp secretly signed a contract through which Gertler gained a four-year right to market 88% of the rough-diamond production of the Societé minière de Bakwanga (MIBA), about a quarter of the DRC's legitimate diamond exports at around 600,000 carats a month. Emaxon enjoyed a 5 percent discount on its purchase of MIBA diamonds which it then usually sold in the free market to the highest bidder. Emaxon lent MIBA $15 million to modernize its mining equipment.[18]

Fleurette Group and Fleurette Properties, 2006

Fleurette Properties, is a Gibraltar-based company which has at least "60 holding companies in offshore havens such as the Virgin Islands" through which Dan Gertler has controlled concessions in the Democratic Republic of the Congo.[3] Fleurette Group refers to the group of companies with respect to which Fleurette Properties is either the direct or indirect shareholder.[19] The Fleurette Group has owned the Kansuki concession, a Congolese copper and cobalt development project since 2006.[19] As of April 2016 it employed 30 000 people and was the largest source of private receipts for the Congolese government.[4]

Family trust

In 2007 Gertler's family trust was the major shareholder of Prairie International Ltd., owner of "Tremalt Limited which owns 80% of Savannah Mining, the holder of the other half of copper and cobalt operation Mukondo as well as concessions C17 and C18 in the mineral-rich Katanga Province", Democratic Republic of the Congo.[20]

Global Enterprises Corporate (GEC) 2004- Katanga Copper Belt

In March 2004, Dan Gertler International founded Global Enterprises Corporate (GEC) in partnership with Beny Steinmetz Global. In May 2004 GEC signed an agreement with the state-owned Gécamines, finalized in September 2004, to rehabilitate and operate the Kananga and Tilwezembe copper mines. The deal was ratified 13 October 2005 by presidential decree.,[21]

This deal was later found by the World Bank reviewing the Congo's three biggest mining contracts to have been approved with "a complete lack of transparency" (Mahtani 3 January 2007).[22][23] [24]

DEM Mining 2006 - Cobalt and Copper in Katanga Copper Belt

In April 2006 Gertler's DGI took a major stake in DEM Mining, a cobalt-copper mining and services company based in Katanga.[22]

Tremalt Ltd 2006 Mukondo Mine, Kanaga Copper Belt

In June 2006 Gertler bought Tremalt, which had a half share in the Mukondo Mine, for about $60 million from the Zimbabwean businessman John Bredenkamp.[22] [25]

In 2007 Tremalt was owned by Prairie International Ltd, of which Dan Gertler's family trust was a major shareholder. Tremalt owned 80% of Savannah Mining, which held concessions C17 and C18 in Katanga Province and 50% of the Mukondo project. The other 50% of Mukonda was held by Boss Mining, which in turn was 80% owned by Central African Mining & Exploration Company (CAMEC).[20] Boss Mining had rented and operated Bredenkamp's half of Mukondo. Gertler terminated this arrangement.[22]

Prairie International Ltd. 2007 Mukondo, Kanaga Copper Belt

When CAMEC bought Boss Mining in February 2006, its prior owner Billy Rautenbach, a Zimbabwe businessman gained about 17% of CAMEC shares.[25] Gertler and CAMEC made plans to combine the Mukondo assets, and a Katanga Province copper and cobalt project, into a new holding company. Rautenbach would be excluded from ownership in the new company due to the hostile relations that had developed between him and the DRC government.[20]

In November 2007, Prairie International and CAMEC signed a memorandum of understanding to complete the deal.[26] In November 2007 Miningmx reported that Dan Gertler's Prairie International Ltd. and CAMEC had created a joint venture vehicle in the Mukondo with concessions held by the state-owned Gécamines. "Tremalt will be transferred into the joint venture vehicle."[20] In February 2008 the two companies announced that the Mukondo Mountain operations had restarted.[27]

Nikanor plc Copper, 2007

In February 2007, 22% of the Nikanor Mining company was owned by the Gertner Family Trust and 14% by Dan Gertler.[28] Gertler and Steinmetz placed Global Enterprises Corporate (GEC)'s 75% share in KOV into Nikanor plc, registered in the Isle of Man. In July 2006, Nikanor's stock was listed on the London Stock Exchange's Alternative Investment Market. The IPO raised $400 million, and Nikanor's market capitalization reached $1.5 billion.[22] In January 2008 Katanga Mining acquired Nikanor plc for $452m.[24] hange don

Glencore partnership 2007

Gertler has been a partner with Glencore International Plc., the largest company in Switzerland and the world's largest commodities trading company.[29][30][31] One of their mines is Mutanda.[3]

In the course of the Congo events, Glencore and Gertler partnered in Nikanor from 2007 until the final merger with Katanga Mining in late 2007 in a transaction valued at US$3.3 billion.[32] A 2011 article by Reuters journalists described Glencore as "the biggest company you never heard of":[33] In June 2007, Glencore and partner Dan Gertler, an Israeli mining magnate, paid GB£300 million for a quarter of mining company Nikanor, which planned to revive derelict copper mines next to Katanga Mining's properties. The contract gave Glencore exclusive sales rights to all Nikanor's output, an "offtake" agreement.

Katanga lost 97% of its market value over the final six months of 2008. Running out of cash in the financial crisis, Katanga accepted [Glencore] control, issuing more than a billion new shares for about US$500 million in a convertible loan and rights issue. A share that grew to 74% went to Glencore. In 2011 copper prices regularly set records above US$10,000 a ton, and the value of Katanga's stock market value was nearly US$3.2 billion.[33] Katanga lost US$108 million in 2009, but posted an annual profit of US$265 million in 2010.[33]

Catela Global, 2008

In July 2008 Catela Global, a company owned by Gertler's family trust, offered about C$296 million to buy Anvil Mining shares, around 25% of Anvil, in a private placement.[34] An RBC Capital Markets analyst, Cailey Barker, speculated that Anvil would use the cash infusion for acquisitions, but the company said it would remain focused on completing its Kinsevere Stage II project.[35] In August 2008, Anvil lowered the amount to be paid to about C$237 million due to "the significant deterioration in market conditions for resource companies".[36]

Camrose Resources Ltd > Africo > Kalukundi Mine, 2007

"In 2007 Africa Management Limited was created as a joint venture between South African housing minister Tokyo Sexwale's investment vehicle Mvelaphanda Holdings, its associate company Palladino Holdings, and Och-Ziff Capital Management, a $30-billion New York hedge fund (Wood et al. 2012)."[37]

In June 2010 the Financial Post of Canada reported that Highwind Properties, a company registered in the British Virgin Islands, now owned the Kolwezi project. The newspaper, citing unnamed sources, linked the company to Dan Gertler.[38] In August 2010 ENRC, a company listed in London with most of its operations in Kazakhstan, said it was buying indirect control of the Kolwezi licence from Dan Gertler.[39] ENRC was buying 50.5% of Camrose from Gertler. Camrose's key asset was a 70% interest in the Kolwezi project.[40] The Kolwezi property was sold to Gertler for $20 million. He in turn sold 50.5% of Camrose to ENRC for $175 million. In April 2011 a British MP called for an investigation of the transaction under the Bribery Act.[41]

Camrose's other assets included a "64% stake in Canada listed Africo Resources which held a 75% interest in Kalukundi exploitation licence as well as 56% indirect interest in Comide Sprl, which held the exploitation licence for Mashitu, Pangalume and Kii tenements."[42]

According to a 2012 article in the Mail and Guardian,[37] Camrose acquired a controlling stake in Africo through a simultaneous, complex and clever set of transactions from 2007–2008. Located in the south-eastern Democratic Republic of Congo's copper belt, the lucrative Kalukundi concession owned by Congolese company Swanmines, which was part-owned by Canadian miner Africo Resources, had potential for high copper and cobalt yields. In April 2007 Africo was preparing to purchase enough shares to become the majority shareholder of Kalukundi when a third party entered into litigation claiming prior ownership. Dan Getler offered to help through his connections with Democratic Republic of Congo's president, President Joseph Kabila. Gertler purchased the third party company and resold it to Africo. In July 2008, the Getler company, Camrose Resources, purchased Africo shares worth about $100 million. Camrose then held 63% controlling stake in Africo. Camrose paid for Africo through a loan from an offshore British Virgin Islands-registered company called Vipar, "an affiliate of Africa Management Limited (Wood et al. 2012)."[37]

Camrose and Highwind Group 2008-10

In 2008, Camrose Resources Ltd, a Gertler family trust company, purchased s 62.5% share of Africo Resources. In February 2009, Africo confirmed that it had the go ahead from the DRC government for 75%-owned Kalukundi project.[43]

In 2009 Vancouver, Canada-based through Dan Gertler's newly formed British Virgin Island-based company, Highwinds old ENRC 50.5% of Kolwezi Mine Tailings (KWT) a "multi-billion dollar copper and cobalt tailings reprocessing facility"[42] which had been expropriated in 2009 by the DRC from Vancouver, Canada-based through Dan Gertler's newly formed British Virgin Island-based company, Highwinds.[44] In September 2009 the DRC government revoked the license of Canadian mining First Quantum Minerals to operate the Kolwezi copper tailings project. First Quantum appealed the decision. The CEO Philip Pascal said "the activities on the legal side come from a small and very influential group of individuals in the Congo and don't necessarily mirror the sentiments of a number of other authorities".[38] Later the government also expropriated the Frontier and Lonshi mines from First Quantum.

In August 2010, Camrose acquired British Virgin Island-based Highwind Group.[45] In March 2011 the state-owned Sodimico sold its 30% stake in these two mines for $30 million to two companies registered in the British Virgin Islands. The total estimated value of the mines was over $1.6 billion.[46]

Emerald Star Enterprises Limited BVI 2009 SMKK

Emerald Star Enterprises Limited, a company controlled by Gertler's family trust, was incorporated 29 October 2009 in the British Virgin Islands. 21 December 2009 Emerald Star sold an option to buy the remaining 50% stake of Société Minière de Kabolela et de Kipese SPRL, (a company formed by Melkior Resources Inc and Gécamines that holds the rights to develop the Kabolela cobalt-copper deposit) to Katash-founded mining company Eurasian Natural Resources Corporation (ENRC) who already owned 50%. The other 50% belonged to state-owned Gécamines. In February 2010 Emerald Star Enterprises Limited purchased Gécamines' 50% for $15 million and sold these shares to Eurasian Natural Resources Corporation (ENRC) for $50 million. Emerald Star Enterprises Limited paid $15 million, and sold for $75 million making a 500 percent return.[3]

Rowny Assets Limited BVI- 2011 Mutanda Mine, Katanga Copper Belt

Rowny Assets Limited is one of the offshore firms owned by Gertler's family and is described in the initial Glencore public offering (IPO) prospectus.[47] Gécamines sold its 20% share of the Mutanda project to Rowny Assets. This company, registered in the British Virgin Islands, was said to be "associated" with Gertler. The share was worth an estimated $600 million, but was sold for $137 million.[46]

Rowny Assets Limited was also in Glencore's 4 May 2011 listing prospectus, and recently acquired a 20% interest in Mutanda from Gécamines.[48]

Biko Invest Corporation BVI, 2011

Biko Invest Corporation BVI linked to Dan Gertler and incorporated 23 February 2011 in the British Virgin Islands, bought a quarter of Kansuki Sprl from Gécamines in 2011.[48]

Mining assets and IMF, 2011-present

In September 2011 the International Monetary Fund asked for explanations from Sodimico and Gécamines, both owned by the government of the Democratic Republic of the Congo (DRC), concerning sales of assets below market value and without publicity. Gécamines sold its 20% share of the Mutanda project to Rowny Assets, a British Virgin Islands company, said to be associated with Gertler. The share was worth an estimated $600 million, but was sold for $137 million and the IMF was providing loans to the DRC worth $561 million at the time.[46] Analysts criticized lack of transparency in the disposal of key assets by Gécamines, which the government was preparing for sale to private investors.[49]

In December 2012 the International Monetary Fund stopped a US$500m (£310m) loan to the Congo because of irregularities in the way a company reputed to be controlled by Dan Gertler acquired minerals from Joseph Kabila's government. In the same week Katash-founded mining company Eurasian Natural Resources Corporation (ENRC), Gertler's biggest copper mining partner in the Congo, severed its relationship with him,[50] spending $550m to buying itself out of the partnership. Gertler has been accused of making the majority of his $2.5 billion fortune from "looting Congo at the expense of its people".[5]

Nessergy oil company, 2013

In April 2013, Gertler sold one of his Congo-based oil companies, Nessergy Ltd, for $150 million.[51] Advocacy group Global Witness criticized the deal for lack of transparency on the part of Gertler and the Congolese government.[52]

Panama Papers, Mossack Fonseca, 2016

Gertler's name appears more than 200 times in the Panama Papers. Mossack Fonseca registered at least two companies for him: Burford Commercial S.A. and Norseville Estates S.A. Gertler's attorney said, Gertler had "no knowledge of the claims raised regarding the [Panamanian firm's decision] to terminate representation in 2011."[53] Le Monde reported another two Mossack-Fonseca- incorporated shell companies, Foxwhelp Ltd and Caprikat Ltd, in the DR Congo oil industry.[4]

Paradise Papers, 2017

On 5 November 2017, the Paradise Papers, a set of confidential electronic documents relating to offshore investment, revealed that Glencore loaned $45 million to Gertler in exchange for his help with officials of the Democratic Republic of Congo in negotiations over a joint venture with state-owned Gécamines at the Katanga copper mine in 2009. Gertler appears in 120 documents regarding his relationship with Glencore.[54][55][56] Glencore, which had effectively taken over Katanga, agreed to vote for the joint venture. The loan document specifically provided that repayment would be owed if agreement was not reached within three months. Gertler and Glencore have denied wrongdoing.[54][55]

Magnitsky Act
Main article: Magnitsky Act

The United States Department of the Treasury specifically named Dan Gertler in the Office of Foreign Assets Control (OFAC) financial sanctions list for serious human rights abuse and corruption, under the Magnitsky Act and blocked his US-based assets.[57] According to a February 2018 article in The Economist, the sanctions statement said that Gertler had "amassed his fortune through hundreds of millions of dollars' worth of opaque and corrupt mining and oil deals" in the DRC.[10] Included in the Executive Order is the list of designated entities "affiliated with" Gertler, "Moku Mines D'or SA, Moku Goldmines AG, Fleurette Energy I B.V., Fleurette Africa Resources I B.V., African Trans International Holdings B.V., Fleurette African Transport B.V., Oriental Iron Company SPRL, Iron Mountain Enterprises Limited, Sanzetta Investments Limited, Almerina Properties Limited, Interlog DRC, Kitoko Food Farm, Karibu Africa Services SA, and Ventora Development Sasu".[58]

In a 28 November 2019 article in The Economist, it was reported that President Trump's decision to place sanctions on Gertler, who is a close friend of then-President of the Congo, Joseph Kabila, had come as "a shock to many companies operating in the Congo." Citing Tom Perriello, then the United States envoy to the African Great Lakes under Barack Obama, the sanctions "probably helped push Mr. Kabila to his eventual decision to stand down in the elections that took place a year later", in the December 2018 general election.[6]

Personal life

Gertler is married to Anat Gertler and they live with their children in Bnei Brak, a suburb of Tel Aviv.[4]

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See also

References
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