Windhoek — On Monday, Namibian President Hage Geingob strongly denied corruption accusations stemming from a French anticorruption probe centred on the purchase of Canadian mining company Uramin by French nuclear giant Areva. "The accusations of corruption concern the conduct of Areva and/or Uramin and do not implicate Dr Geingob or the government of the republic of Namibia," the president’s lawyer, Sisa Namandje, said in a legal letter. Now known as Orano, Areva group spent €1.8bn to acquire Uramin and its uranium mines in Namibia, SA and Central African Republic. But operations at the mines proved to be tougher than expected and the investment turned into a financial disaster. Areva made provisions for a €1.5bn write-down at the end of 2011, roughly the price of the initial transaction. French investigators subsequently opened a probe into the affair. Former Areva chief Anne Lauvergeon was implicated for having submitted inaccurate accounts intended to hide the collapse in the val...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.