Ecobank sentenced in DRC: Octavia wins a decisive round in its showdown with Astalia

A clash through Congolese and international courts

Octavia, an Emirati mining company owned by French entrepreneur Pascal Beveraggi, operating in the DRC through its subsidiary NB Mining Africa, has been at odds for several years with the Mauritian company Astalia owned by Katangese politician Moïse Katumbi. Octavia accuses Katumbi of orchestrating a fraudulent seizure of its assets to paralyze its operations.

Trial after trial, from Dubai to Paris via Kinshasa, justice has ruled in Octavia's favour. Ecobank's conviction this week to pay €5.5 million to NB Mining Africa confirms the direction of the showdown.

Since 2015, numerous contested decisions have led to illicit seizures of several million dollars, orchestrated by Astalia with the complicity of local banks and armed forces. In August 2020, the illegal seizure of NB Mining’s assets in Lubumbashi even caused bloody clashes, leading to several deaths and injuries among employees.

The case goes back to the origins of NB Mining, whose assets were bought by Octavia after the fall of the Necotrans group, which had itself bought NB Mining (then called MCK) from Astalia a few years earlier.

But as early as 2020, Astalia, supported by local forces and using various stratagems, wanted to take advantage of the uncertainty surrounding the bankruptcy of Necotrans to multiply legal actions and illegally seize financial and material assets of Octavia, including the money held in Ecobank accounts.

Despite a recent judgment by the Kinshasa Court annulling all documents produced by Astalia, the restitution of assets remains hampered.

Ecobank sentenced: hope for NB Mining Africa

On October 5, 2024, the High Court of Kinshasa/Gombe condemned part of the plundering actions orchestrated by Astalia. The verdict highlights serious offenses, including embezzlement and breach of trust implemented by the company and the bank.

EcoBank DRC , at the centre of these manoeuvres, was ordered to pay Octavia $5.5 million for facilitating the illegal transactions. However, the execution of the judgment faces numerous political and local obstacles, making the recovery of the assets still uncertain.

Perspectives and doubts about the future

Despite the legal victory, Octavia still faces obstacles in enforcing the restitution orders for the stolen property. Corruption, the involvement of local authorities, and Astalia's political maneuvering complicate the execution of the decisions.

The case illustrates the challenges companies operating in the DRC face from influential local actors who are able to subvert the justice system for their own gain. While Octavia continues its fight to recover its assets, the future of NB Mining Africa remains uncertain in a country where legal battles are often fought outside the courts.