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interest and added that "the probability of
Soguipami defaulting on this loan is minimal". The government also emphasised that the loan was not taken out by the Republic of Guinea, but by Soguipami, a parastatal entity that was set up in September 2011 to manage the government's stakes in mining contracts. It was clarified that the loan was not collateralised by Soguipami itself, but by one of its subsidiaries.
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provided that in event of a default it could be repaid in cash and/or in kind. Lawyers emphasised that this repayment could not legally exceed the value of the debt due under the loan agreement and said that it could "in no way result in the appropriation of 30 percent of private or national assets worth billions of dollars".
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Mining
Company. The funds were kept in an account at the Central Bank foreign holdings. No evidence of wrongdoing was found by the CNT and the matter has been dropped. Government official have announced that the full amount of the loan along with interests has been paid to the lenders thus concluding the matter.
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The CNT, the country's acting legislative body, convened a special plenary session on 28 June 2012,and called upon the two ministers to explain the agreement. Both ministers defended the legality of their actions and explained that the funds had been sought for the operationalisation of the
National
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Walter Hennig founded
Palladino in 2003 with a vision of creating an investment vehicle to consolidate various strategic assets in Africa. Palladino focuses on early stage predominantly African resource, property and industrial projects and it currently holds a variety of significant energy, mining
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The
Guinean government also refuted the allegations made by The Sunday Times and affirmed that there was no automatic convertibility to a 30 per cent stake in Soguipami in case of default. Guinea's minister of mines said that repayment would be at a value linked to the loan amount and accumulated
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The terms of the loan included a conversion clause which meant that if the Guinea government defaulted, they could repay the debt by conversion or 'payment in kind'. This could have taken the form of an equivalent value in shares in the operations of one of the subsidiaries of the national mining
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Following the publication of the Sunday Times article, Hennig's company, Palladino, issued a number of public statements about the Loan
Agreement. Palladino highlighted that the Loan Agreement contained customary default provisions but given the limited cash resources of the government, it also
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The Mail & Guardian alleged that as a result of the loan to Guinea, Guinea would not be permitted to sell any state interest in a mining asset without first offering the option to
Palladino and should the firm wish to acquire a stake in a mining asset, it would be granted the privilege of a
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In June 2012, the Sunday Times published an article about the Loan
Agreement, and focussed on the default provision included in the agreement. It added that the loan had never been publicly revealed to Guineans, or ticked off in the national budget, although President Alpha Condé has said that
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In
January 2012, Palladino C2 wrote to the Minister of Mines requiring an account of how the funds had been utilised. In the absence of a reply, formal notice was given by Palladino C2 requiring an immediate repayment of the loan, with interest. The loan was repaid on 11 July 2012.
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In April 2011, following a period during which
Palladino advised the Government of Guinea on renovating and invigorating Guinea's mining industry, Palladino Capital agreed a US$ 25 million loan to finance the establishment of a state-run mining company. The agreement was signed by
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six-month negotiating period. If a deal could not then be struck, Guinea would only be allowed to negotiate with a third party without first right of refusal from Palladino.
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Former Guinean Minister of Mines, Mahmoud Thiam was quoted in various newspapers as alleging that the deal was a quid pro quo in return for Condé campaign support.
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in 1993, he emigrated to Angola to pursue opportunities in the mining industry. He now has business interests in South Africa and the United Kingdom, according to
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Och-Ziff Capital Management Group LLC, "Mvelaphanda Holdings, Och-Ziff and Palladino Create Joint Venture to Focus on Natural Resources in Africa"
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106:, as a vehicle for investment in both the private and public markets across Africa, focusing on natural resources and related opportunities.
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http://www.factuguinee.com/fichiers/videos5.php?langue=fr&idc=fr_Communiqu__de_Presse_conjoint___Minist_re_des_Mines__Minist_r
118:. The partnership with Och-Ziff in African Global Capital will help us accelerate in building the leading African investment firm.
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http://economie.jeuneafrique.com/regions/afrique-subsaharienne/12014-linsondable-walter-hennig.html
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Group. Baros led Och-Ziff's operations into Africa together with Walter Hennig and Mark Willcox.
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is a discreet South African businessman based in London. He is known for his involvement in the
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We intend to build on our already strong foothold in African investments in partnership with
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Mvela Holdings is a privately owned investment company founded in 1998 by Tokyo Sexwale,
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In the past, Hennig has been linked to the following individuals in a business context:
532:"Palladino denies default provision in Guinean deal would give it 30% stake in assets"
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Och-Ziff Capital Management Gr, "Mvelaphanda Holdings, Och-Ziff and Palladino Cr..."
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Craig McKune, Stefaans Brummer and James Wood, "Tokyo-linked company in Guinea row"
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GuineePress, "Alpha Condé et les mines: délit de haute trahison. Voici les preuves"
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Africalog, "Audition de Kerfalla Yansané et Mohamed Lamine Fofana par le CNT"
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Hennig is also known for hosting New Year's Eve events at a private venue in
556:"Guinean minister Fofana rebuts Sunday Times' claims about Palladino deal"
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http://guinealoan.com/wp-content/uploads/2013/04/ConventionDeCreditEn.pdf
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The original Loan Agreement published online in French and English.
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As part of the joint venture, Africa Management Limited established
236:"contracts that commit Guinea will be published on the Internet."
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57:, which are well attended by celebrities and politicians.
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Hennig was born on 7 October 1972. After graduating from
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Africa Confidential, "Who's who in the Guinea Loan Saga"
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MONICA LAGANPARSAD, " What a swell party at Walter's"
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programme and his experience in the mining industry.
219:, who was listed as a "proxy holder" for Palladino.
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NAPSI, "Backroom Deals Threaten American Interests"
131:. Mvela Holdings is the controlling shareholder of
112:, founder of Mvelaphanda (Mvela) Holdings, said: "
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513:Craig McKune, Stefaans Brummer and James Wood,
307:DAVID GLEASON," Wheeling and dealing in Guinea"
95:announced the creation of a new joint venture,
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503:"Guinea to pay back $ 25 mln Palladino loan"
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135:and has a significant interests in
342:"Secret deal threatens big miners"
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48:Democratic Republic of the Congo
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622:British mining businesspeople
617:South African businesspeople
71:and other assets in Africa.
176:Och-Ziff Capital Management
89:Och-Ziff Capital Management
36:Yoshiko Enterprises Limited
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374:Och Ziff, "Press Releases"
164:gold analyst and now with
21:Black Economic Empowerment
174:, Africa Director of the
97:Africa Management Limited
75:Africa Management Limited
585:"Who is Walter Hennig?"
247:Response from Palladino
28:Stellenbosch University
452:http://yumanewsnow.com
104:African Global Capital
66:Palladino Holdings Ltd
38:. He has expertise in
591:. Newspaperdirect Inc
209:Mohamed Lamine Fofana
197:Guinea Loan Agreement
137:Mvelaphanda Resources
50:and other locations.
81:Mvelaphanda Holdings
519:Mail & Guardian
487:Mail & Guardian
143:Business associates
583:Joubert, Pearlie.
364:(31 December 2011)
93:Palladino Holdings
55:Clifton, Cape Town
32:UK Companies House
17:Olaf Walter Hennig
270:CNT investigation
186:Harry Oppenheimer
166:JPMorgan Cazenove
133:Mvelaphanda Group
87:(a subsidiary of
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182:Clifford Elphick
79:In January 2008
40:emerging markets
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632:1972 births
595:19 February
589:pressreader
409:Investegate
172:Vanja Baros
160:, a former
152:Jan Kulczyk
91:Group) and
34:records of
611:Categories
376:, Och Ziff
287:References
202:Background
571:Africalog
362:TimesLive
501:Reuters
116:Och-Ziff
425:Scribd
44:Angola
597:2017
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