Congo suspends board and management of state diamond miner MIBA

The Democratic Republic of Congo has suspended the board of directors and management of state-controlled diamond mining company MIBA after an audit revealed significant irregularities, the government said in a statement. The audit identified a host of problems including compliance, governance, production and financial management, the statement by Congo president's office said following a council of ministers meeting on Friday.

It added that Congo's mines ministry will propose measures to revamp the company. Founded in 1961, MIBA was formerly a jewel in minerals-rich Congo's minerals industry, with gold, nickel and copper in its portfolio. However, years of mismanagement, illegal mining, smuggling, and political instability have hobbled the company.