The Tanzanian Prevention and Combating of Corruption Bureau (PCCB) has charged the Acacia Mining with a number of different offences including breaches of the Tanzanian Anti-Money Laundering Act.
However, Acacia Mining notes with concern that under Tanzanian law offences under the Anti-Money Laundering Act are not bailable, and accordingly the accused have not been released on bail.
The company is in the process of analysing the charges brought by the PCCB, and will be able to comment further once more details are known, Acacia officials have said.
In the meantime, Acacia Mining notes that a total of 39 charges have been brought, either against the current and the former employee and/or against one or more of the Company’s operating subsidiaries in Tanzania, Pangea Minerals, Bulyanhulu Gold Mine and North Mara Gold Mine.
A Canadian company, Explorations Minieres du Nord, has also been charged.
The majority of the 39 charges and allegations now brought by the PCCB appear to relate to the historical structuring and financing of PML, BGML and NMGML dating back as far as 2008, prior to the creation of the Acacia Group at the time of its initial public offering in 2010.
The charges are wide ranging and include: tax evasion, conspiracy, a charge under organised crime legislation, forgery, money laundering and corruption.