Hong Kong Court Disallows China National Gold Group Hong Kong to Reopen Arbitration Awards for Corruption Allegations in $2 Billion Congo Gold Mine (Soremi) Dispute with United States Metals Trading Company Gerald Group, Ongoing Dispute is on Ownership of Soremi Investments Which Owns Soremi Mine in Congo, Gerald Group Subsidiary (Global Mining Development) was Original Owner of Soremi Investments Which Sold 65% Stake to China National Gold Group Hong Kong in 2013
16th March 2026 | Hong Kong
A Hong Kong court has disallowed China National Gold Group Hong Kong to reopen arbitration awards for corruption allegations in $2 billion Congo gold mine (Soremi) dispute with United States metals trading company Gerald Group. The ongoing dispute is on ownership of Soremi Investments, which owns Soremi mine in Congo. Gerald Group subsidiary (Global Mining Development) was the original owner of Soremi Investments, which sold 65% stake to China National Gold Group Hong Kong in 2013. Previous Gerald Group Announcement (24/10/26): “Background – The injunction is the latest development in a multi-jurisdictional dispute between Global Mining Development L.P., a 100% subsidiary of Gerald Group (“Global”), and CNG Hong Kong concerning the ownership of Soremi Investments Limited (“SIL”), which owns the Soremi mine in the Republic of Congo. Global was the original owner of SIL and sold 65% of its shares to CNG Hong Kong in 2013. In March 2020, CNG Hong Kong attempted a sale of its 65% stake and offered Global a contractual right to repurchase the 65% shareholding, which Global exercised and a binding agreement was formed. Subsequently, CNG Hong Kong refused to transfer the shares, and in 2020 Global referred the dispute to arbitration under the rules of the Hong Kong International Arbitration Centre (“HKIAC”). Following a lengthy hearing, the HKIAC Tribunal issued two awards in 2023, recognizing Global had validly exercised its right to repurchase and confirming Global as the rightful 100% shareholder of SIL, requiring CNG Hong Kong to transfer the shares. CNG Hong Kong embarked on a multi-jurisdictional campaign aimed at obstructing and delaying enforcement of the awards. In March 2024, Global obtained an injunction from the BVI Court which required CNG Hong Kong to provide full disclosure of its assets and procure the return of US$100 million of SIL’s assets that CNG Hong Kong unlawfully transferred to bank accounts in China. CNG Hong Kong’s numerous challenges to the awards failed and the Hong Kong and BVI Courts issued final and binding orders requiring CNG Hong Kong to transfer the shares. However, CNG Hong Kong refused to comply and Global was forced to apply to the BVI Court for rectification of the share register to record Global as the 100% owner of SIL, and for orders against CNG Hong Kong for contempt of court for failure to comply with the injunction.In July 2025, the BVI Court rectified the BVI share register and issued a record contempt fine. The Hong Kong injunction now secures assets to satisfy Soremi’s claims for the return of the wrongfully dissipated funds. Gerald Group indirectly owns 90% of Soremi SA, while the government of the Republic of Congo (Brazzaville) holds a 10% free carry interest in the polymetallic copper-lead-zinc mine.”
“ Hong Kong Court Disallows China National Gold Group Hong Kong to Reopen Arbitration Awards for Corruption Allegations in $2 Billion Congo Gold Mine (Soremi) Dispute with United States Metals Trading Company Gerald Group, Ongoing Dispute is on Ownership of Soremi Investments Which Owns Soremi Mine in Congo, Gerald Group Subsidiary (Global Mining Development) was Original Owner of Soremi Investments Which Sold 65% Stake to China National Gold Group Hong Kong in 2013 “
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Hong Kong Court Disallows China National Gold Group Hong Kong to Reopen Arbitration Awards for Corruption Allegations in $2 Billion Congo Gold Mine (Soremi) Dispute with United States Metals Trading Company Gerald Group, Ongoing Dispute is on Ownership of Soremi Investments Which Owns Soremi Mine in Congo, Gerald Group Subsidiary (Global Mining Development) was Original Owner of Soremi Investments Which Sold 65% Stake to China National Gold Group Hong Kong in 2013
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