Hubert Pandino aka the White Mbouchi: the majority shareholder LCB Bank Congo

My investigations have revealed that, President Sassou Nguesso is the majority shareholder of LCB Bank a local bank. Here again and in respect of what I mentioned earlier that, he operates as a mafia boss, hence his name doesn’t appear in the books of LCB Bank because he is represented by Hubert Pandino, his straw man. Mr Pandino is officially the majority shareholder of LCB Bank through SOCOFRAN, a controversial road construction company. To show how close Hubert Pandino is with the President, there are neighbors at Oyo, the president’s village.  And a second prove of their proximity is that, around the end of February and early March 2009, while I was visiting Oyo, I came across Mr Hubert Pandino. When he saw me in the company Maria Maylin and her husband, Professor Claude Maylin, he was visibly happy and told me two things that I can’t forget. He said: “I am an ethnic or “White Mbouchi” and also that, he eats tortoise”. The tortoise is a delicacy appreciated by most Mbouchis and in chief, President Denis Sassou Nguesso. Through my investigations, I equally discovered how the ownership structure within the board of LCB Bank was shared: In real terms Pandino owns 64% of the shares of LCB bank. Other shareholders are General Raymond Ibata and a Moroccan bank: Banque Marocaine de Commerce Exterieur (BMCE).

Dubious deal between BMCE Morocco and LCB Bank Congo

This is how the phony deal between LCB Bank and BMCE operates.  According what a former bank staff of LCB Bank told me: The Moroccan bank entered into the board of the Congolese bank by buying four shares worth FCFA 4 billion.  After entering into board of LCB Bank, BMCE signed a parallel contract with Congolese authorities to offer their expertise in management to LCB Bank. The cost of the technical assistance or expertise from BMCE to LCB Bank stood at FCFA 500 million annually.  In my calculation, within 4 years, BMCE will be able to recuperate their investment into the local bank and still remain shareholders without disbursing any amount. What I have not been able to make or prove was whether, BMCE entry into the board LCB bank, was simply a shrewd way from Sassou Nguesso to take money away from Congo and secure it in Morocco? Furthermore, BMCE will still be earning dividends and also paid for the above mentioned contract for their expertise. My investigations also led me into discovering that, Sassou Nguesso had lot of investments in Morocco either through his son, Denis Christel, his son’s friend, Willy Etoka or perhaps under the cover of one of his friend: the Maylin couple. The mention of Maria Maylin is mere speculation, but the proximity of the President with the Maylin couple breeds all kinds of suspicions. Given that, Maria, the wife of Prof Claude Maylin, had acted as intermediary between Atijaree Wafa bank another Moroccan bank and President Sassou Nguesso; it gives grounds to suspect Mrs. Maria Maylin especially that, she is of Moroccan ancestry. The chair of the board of director of Atijaree Wafa bank has visited Brazzaville on several occasions. It is true that, the Moroccan bank bought over the Congolese subsidiary of Credit Agricole bank, which is a subsidiary of France’s Credit Agricole.  What I have not been able to establish is whether Maria Maylin, played in any role in the takeover bid.