Angola’s President João Lourenço has ordered the nationalization of the company that operates the country’s largest diamond mine, the Katka diamond mine, and has nationalized shares in the Katka Mining Company owned by China-owned LL International Holding BV.
According to President Lourenço, the decision means that LL Internacional Holding BV is “a company that is currently subject to strong restrictive measures both domestically and internationally, which has resulted in the seizure of shares by the National Asset Recovery Service and the Sanctions by the Office of Property Control.”
The Executive Order states: and future mining projects. ”
By law, shares are transferred to the state without burden or fee, regardless of the procedure.
In 2021, at the request of the Attorney General of Angola, the 18% stake held by Leviev International – LLI (China) was blocked and its control transferred to the Institute of Asset Management.
Angola, which was already a major shareholder through state-owned diamond company Endiama, now owns a 5% stake in Katka, with the remainder held by Russia’s Alrosa.
According to the Financial Times, LLI is linked to China Sonangol, which sells Angola’s oil through the China International Fund in Hong Kong.
In 2020, the Angola Attorney General’s Office seized the China International Fund’s (CIF) Luanda Wang and CIF Luanda Two buildings in the Angolan capital, as well as over 1,000 unfinished properties, buildings, construction sites, and land parcels. Did. Urbanization Vida Pacífica (Zango Zero) and Kilamba are subject to the law on forced repatriation and extended property confiscation, as well as laws regulating searches, searches and seizures.
These assets were owned by China International Fund – CIF, Limited (CIF Hong Kong) and China International Fund Angola – CIF, Limitada.
CIF Limited, founded in 2003 and headquartered in Hong Kong with offices in Beijing, is a privately owned Chinese company that finances national reconstruction and infrastructure development projects primarily in developing countries in Africa.