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

A confrontation across Congolese and international courts

Octavia, an Emirati mining company owned by French businessman Pascal Beveraggi, known for his investments in mining and online gaming, particularly in West Africa and the Maghreb, is embroiled in a dispute. Beveraggi, who operates in the Democratic Republic of Congo through his subsidiary NB Mining Africa, has been embroiled 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, the courts have ruled in favor of Octavia. Ecobank's conviction this week to pay €5.5 million to NB Mining Africa confirms the direction of the legal battle.

Since 2015, numerous controversial decisions have led to the illegal seizure of millions of 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 sparked bloody clashes, resulting in several deaths and injuries among employees.

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

But as early as 2020, Astalia, supported by local forces and using various stratagems, sought 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 ruling by the Kinshasa Court annulling all documents produced by Astalia, the return of assets remains thwarted.

Ecobank convicted: hope for NB Mining Africa

On October 5, 2024, the Kinshasa/Gombe High Court condemned some of the fraudulent activities orchestrated by Astalia. The verdict highlights serious offenses, including embezzlement and breach of trust perpetrated by the company and the bank.

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

Prospects and doubts about the future

Despite her 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 rulings.

This case illustrates the challenges faced by companies operating in the DRC when confronted by influential local actors capable of manipulating the judicial 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.