Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
U.S. authorities announced yesterday the seizure of more than $31 million supposedly connected to an international money-laundering scheme run by the owners of two gold mines in Peru.
According to the report, the drug trafficking organization that held money in nine American banks was operated by members of the Sanchez-Paredes family, proprietors of Minera Aurifera Santa Rosa SA (Comarsa), and CIA Minera San Simon (San Simon).
The money was spread out among various bank accounts, including institutions such as Bank of America, Wells Fargo and JPMorgan Chase.
The Sanchez-Paredes family has been linked to drug trafficking for more than two decades in Peru, a major producer of coca plants and cocaine. But the family, whose business interests range from mining to show horses, has always denied any connections with drug trafficking.
The court papers filed this week in New York, however, show the funds in at least one of the U.S. account are tied to Comarsa, one of the gold mines run by the Sanchez-Paredes family, and they were drug-trafficking proceeds.
5 Comments
nick
Finally somebody pointed finger with no fear and it has to be US again. As it looks like this family was thanks to corrupted legal system in Peru almost close to clean all charges against them! Unbelievable but true.
maistro
http://archive.peruthisweek.com/features-1295-sanchez-paredes-family-on-trial-the-largest-money-laundering-case-in-peru-s-history/
MINING.com Editors
Thanks for sharing these links.
robertoctv
Of course the banks involved in the money laundering will face no criminal charges. They always get off Scott-Free when knowingly doing illegal transactions. Damn crooked banks are untouchable.
maistro
http://archive.peruthisweek.com/features-1301–he-la-ges-mo-ey-lau-de-i-g-case-i-pe-u-s-his-o-y-pa-wo/