Dikembe Mutombo: Failed Congolese Gold Broker

Life imitates art once again.  Remember back in August when I wrote this post as a joke, asking if I should become a Ugandan Gold Broker?  Well, I guess Dikembe Mutombo got a similar email…

From the Houston Chronicle:

“…according to a U.N. report, Mutombo was in New York on a more personal cause — trying to interest a Houston oil executive in a $10 million deal to buy 1,045 pounds of gold from the mines of eastern Congo, the heart of the conflict mineral trade.”

You can’t make this stuff up.

“More than 1,000 pounds of gold pulled from the cargo hold was taken away by Congolese officials. Two bags containing $6.6 million in cash were gone as well, into the pockets of a local general whose loyal troops oversee much of the nearby mining operations.”

Also:

“Though Mutombo and his family early on claimed the gold belonged to them, St. Mary actually found himself dealing with someone named Eddy Michel Malonga who claimed to be the real owner of the gold.

He also began to demand 40 percent up front. In late December, Lawal reluctantly turned over almost $4 million in cash, but only after getting a certificate of ownership and having the gold placed in a secure customs warehouse in Nairobi, the capital of Kenya. A week later, Malonga — and the gold — disappeared. The purported customs facility was a sham.”

Note to self: do not store gold in “secure” Nairobi warehouses…  Read the whole article for the absurd story.

More here from Forbes/BleacherReport

-KD

disclosures: at the moment I have two gold related trades on:  long $GDX vs short $GLD, and long $PPLT vs short $GLD

 

 

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