On November 28, 2022, the US Treasury Department sanctioned a Russian, a Belarusian, and three companies operating in the mining industry in Guatemala for “corruption” and “tampering”, believed to be the head of the Zug company.
The Guatemalan subsidiaries of Solway Investment Group, Compania Guatemalteca de Niquel and Compania Procesadora de Niquel de Izabal, had to “temporarily suspend their operations” due to “unforeseen difficulties arising from these sanctions”. He wrote that the company’s statement was submitted to the French news agency AFP.
According to Solway Investment Group, an application for “temporary licenses for certain transactions” to US authorities went unanswered. The Guatemalan government did not renew the export licenses of the group’s two subsidiaries.
A portion of the workforce will be retained to “ensure effective control of environmental and safety risks and maintenance of existing infrastructure”.
Both companies operate in El Estor and Los Amates in the Caribbean region 320 kilometers northeast of the capital. Locals have already resisted mining in this region. Clashes with the police resulted in deaths and injuries. Environmentalists were also arrested.
About a year ago, Solway came under criticism after a mining company, part of the Solway Investment Group, withheld data on environmental damage in an indigenous region in northeastern Guatemala.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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