China International Fund’s (CIF) US$7 billion invest in a minerals and infrastructure deal in Guinea may be masking investments by Beijing into the country, the Wall Street Journal reported, citing company filings. The deal was criticized by human rights group as showing how Beijing was willing to deal with government with poor human rights records in order to gain access to natural resources. Beijing has denied the allegations saying that the deal was private and did not involve the Chinese government. But company filing show that CIF’s Chairwoman, Lo Fong Hung, is also a director in Sonangol Sinopec International, a joint venture between Sinopec and Angola’s state-owned oil company Sonangol. Another director, Wu Yang, who is also listed as a director for Beijing Yanhua Up-Dated High-Tech, a Sinopec subsidiary. A July report by the US China Economic and Security Commission, a US Congressional body that examines the security implications of US-China trade, also stated that CIF and its parent company, Dayuan International Development, could be used to hide Beijing’s investments in Africa.
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