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Africa, Europe
Monaco Resources under scrutiny from European audit regulators

Britain's audit watchdog is investigating whether the accounts of MRG UK, a British subsidiary of the Monaco Resources group, which is very involved in Africa, have been properly certified. Other European regulators have also debated whether to investigate the conglomerate's bookkeeping. [...]

Published on 17/01/2022 at 06:00 GMT Reading time 2 minutes

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Commodity traders, Business

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Apas
Baker Tilly
Collège de supervision des réviseurs d'entreprises
Cycorp First Investment
Deloitte
Euroports
Financial Reporting Council
MacIntyre Hudson
Monaco Resources
MRG UK
Ricardo Phielix
Robert Orlik

In Focus | Africa
Facing courts and shareholders, Monaco Resources Group living on borrowed time - and money

Saddled with more than a billion euros in debt, Monaco Resources Group has become entangled in its own financial schemes. In terms of its logistical, agricultural and mining operations in Africa, the holding company has experienced a string of failures.

Subscribers only Finance, Mining, Commodity traders 27.03.2023

The Monaco Resources Group holding company was co-founded by Axel Fischer.

Africa
Monaco Resources' eventful summer

Already at odds with one of its partners in Guinea, as well as with one of its co-shareholders in Congo, the Monaco Resources group has recently found itself the target of a scathing report sent to all of the group's government partner across Europe and Africa.

Subscribers only Commodity traders 29.08.2022

Congo
Monaco Resources accused of including uncertified figures in its accounts

A minority shareholder in a Monaco Resources Group subsidiary in the DRC has accused the trading and logistics firm of including unaudited and uncertified figures in its accounts.

Subscribers only Commodity traders, Business 05.07.2022

Spotlight | DRC
'Bread king' Saleh Assi devises way around US sanctions

The Lebanese businessman has created a scheme by which he is able to continue business as usual despite being under US sanctions, which are in part on account of his alleged ties with Hezbollah.

Subscribers only Commodity traders, Business 18.01.2022

Guinea
Appeal court overturns Monaco Resources asset seizures

Several precautionary measures taken at the end of last year against the Guinean subsidiaries of Monaco Resources in their dispute with construction group MCI were cancelled at the start of January.

Subscribers only Mining 18.01.2022

Guinea
New seizures ordered on Monaco Resources assets

As a result of the dispute between the company and its subcontractor MCI, a court in Conakry has ordered exit bans and seizures of all of Monaco Resources' assets at the port and on the road to the company's bauxite mine in Guinea.

Subscribers only Mining 02.12.2021

Guinea
UAE's Ghantoot Group authorised to take Monaco Resources to arbitration over bauxite deal

A dispute between Monaco Resources and Ghantoot Group at a Guinean bauxite mine hides another more fundamental conflict over the capital of Société des Bauxites de Guinée. That dispute will need to be dealt with by the International Chamber of Commerce in France.

Subscribers only Mining 19.10.2021

Guinea
Monaco Resources and its co-shareholder back in court

On 8 October, a hearing over a contested increase in capital by Société des bauxites de Guinée, majority-owned by Monaco Resources, will take place.

Subscribers only Mining 07.10.2021

Guinea
Decision made on Dynamic and SMB's buoy of contention

Despite the coup, the government has taken action to remove a buoy standing in the way of the bauxite miner's plans to evacuate ore from its Guinean site by sea.

Subscribers only Mining 14.09.2021

Guinea
In the midst of coup, Monaco Resources shakes up bauxite mine leadership

A few days before the coup that ousted Alpha Condé, Monaco Resources's subsidiary Société des Bauxites de Guinée, which operates a bauxite mine in the country, decided to part with its managing director.

Free access Mining 08.09.2021

Africa
Monaco Resources takes on a new debt to pay back another

To reimburse subscribers to a bond it issued in 2016, Monaco Resources subsidiary Agri Resources decided to issue another. This overlapping loans technique has already been used by the group.

Subscribers only Finance, Business 23.03.2021

In Focus | Guinea
Conakry seeks to make Monaco Resources go-to firm for bauxite trade

The Guinean government, pushing pooling in the mining sector to the extreme, is seeking to impose Monaco Resources as the go-to firm for marketing bauxite produced by firms less experienced in trading. The move comes as mining companies are experimenting with sharing capacity or infrastructure, an often fraught process.

Subscribers only Mining 25.01.2021

Loading of bauxite from CBG's Sangaredi mine.

West Africa
Monaco Resources converts auditor into CFO to boost finance repute

Monaco Resources has asked one of its auditors from Baker Tilly to become its first ever group CFO.

Subscribers only Business 04.09.2020

In Focus | Document | Africa
Monaco Resources struggles to hide its secrets

In less than 10 years, Monaco Resources has become a major player in African commodities. Until now, it has been quite secretive about its shareholders and the backgrounds of its executives, but is finding it increasingly hard to maintain this stance as it grows in size and is forced to jostle for position on highly competitive markets.

Subscribers only Finance, Business 21.01.2020

In Focus | Africa
Monaco Resources, the principality's mysterious African trading company

In less than 10 years, an enigmatic Monaco company, Monaco Resources, has established itself in all sectors of the African economy - from mines and agri-business to port logistics and trading. Its rapid but uncharted success has been financed by borrowing on European bond markets.

Subscribers only Finance, Business 07.10.2019

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Apas
Baker Tilly
Collège de supervision des réviseurs d'entreprises
Cycorp First Investment
Deloitte
Euroports
Financial Reporting Council
MacIntyre Hudson
Monaco Resources
MRG UK
Ricardo Phielix
Robert Orlik

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Libya
From Tripoli to Benghazi, Turkish trader BGN's oil odyssey

Senegal
Guns and oil drive Russia's Dakar courtship

Africa, Europe
Monaco Resources under scrutiny from European audit regulators

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Set up email notifications for these topics

In Focus | Africa
Facing courts and shareholders, Monaco Resources Group living on borrowed time - and money

Africa
Monaco Resources' eventful summer

Congo
Monaco Resources accused of including uncertified figures in its accounts

Spotlight | DRC
'Bread king' Saleh Assi devises way around US sanctions

Guinea
Appeal court overturns Monaco Resources asset seizures

Guinea
New seizures ordered on Monaco Resources assets

Guinea
UAE's Ghantoot Group authorised to take Monaco Resources to arbitration over bauxite deal

Guinea
Monaco Resources and its co-shareholder back in court

Guinea
Decision made on Dynamic and SMB's buoy of contention

Guinea
In the midst of coup, Monaco Resources shakes up bauxite mine leadership

Africa
Monaco Resources takes on a new debt to pay back another

In Focus | Guinea
Conakry seeks to make Monaco Resources go-to firm for bauxite trade

West Africa
Monaco Resources converts auditor into CFO to boost finance repute

In Focus | Document | Africa
Monaco Resources struggles to hide its secrets

In Focus | Africa
Monaco Resources, the principality's mysterious African trading company

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Africa Intelligence on social media

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About Africa Intelligence

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Indigo Publications' websites

Libya From Tripoli to Benghazi, Turkish trader BGN's oil odyssey

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Transition: what's next after the coup?

Africa, Europe Monaco Resources under scrutiny from European audit regulators

This article may be accessed by subscribers

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create a free account

Set up email notifications for these topics

In Focus | Africa Facing courts and shareholders, Monaco Resources Group living on borrowed time - and money

Africa Monaco Resources' eventful summer

Congo Monaco Resources accused of including uncertified figures in its accounts

Spotlight | DRC 'Bread king' Saleh Assi devises way around US sanctions

Guinea Appeal court overturns Monaco Resources asset seizures

Guinea New seizures ordered on Monaco Resources assets

Guinea UAE's Ghantoot Group authorised to take Monaco Resources to arbitration over bauxite deal

Guinea Monaco Resources and its co-shareholder back in court

Guinea Decision made on Dynamic and SMB's buoy of contention

Guinea In the midst of coup, Monaco Resources shakes up bauxite mine leadership

Africa Monaco Resources takes on a new debt to pay back another

In Focus | Guinea Conakry seeks to make Monaco Resources go-to firm for bauxite trade

West Africa Monaco Resources converts auditor into CFO to boost finance repute

In Focus | Document | Africa Monaco Resources struggles to hide its secrets

In Focus | Africa Monaco Resources, the principality's mysterious African trading company

Set up email notifications for these topics

About Africa Intelligence

Subscription

Africa Intelligence on social media

Indigo Publications' websites

Libya
From Tripoli to Benghazi, Turkish trader BGN's oil odyssey

Senegal
Guns and oil drive Russia's Dakar courtship

Africa, Europe
Monaco Resources under scrutiny from European audit regulators

In Focus | Africa
Facing courts and shareholders, Monaco Resources Group living on borrowed time - and money

Africa
Monaco Resources' eventful summer

Congo
Monaco Resources accused of including uncertified figures in its accounts

Spotlight | DRC
'Bread king' Saleh Assi devises way around US sanctions

Guinea
Appeal court overturns Monaco Resources asset seizures

Guinea
New seizures ordered on Monaco Resources assets

Guinea
UAE's Ghantoot Group authorised to take Monaco Resources to arbitration over bauxite deal

Guinea
Monaco Resources and its co-shareholder back in court

Guinea
Decision made on Dynamic and SMB's buoy of contention

Guinea
In the midst of coup, Monaco Resources shakes up bauxite mine leadership

Africa
Monaco Resources takes on a new debt to pay back another

In Focus | Guinea
Conakry seeks to make Monaco Resources go-to firm for bauxite trade

West Africa
Monaco Resources converts auditor into CFO to boost finance repute

In Focus | Document | Africa
Monaco Resources struggles to hide its secrets

In Focus | Africa
Monaco Resources, the principality's mysterious African trading company