The Government of Sierra Leone last week signed an agreement with ARISE Integrated Industrial Platforms Ltd (ARISE IIP ) for the development, expansion and management of the Pepel Port and Rail.
However, according to an inside report, this port is currently being used by Kingho Mining as part of its lease with the Government of Sierra Leone. Thus, By signing this new agreement with ARISE IIP, the Government has defaulted on its contract with Kingho Mining and plans to go to Parliament to get it ratified as quickly as possible before a proper transparent process can take place.
It is more importantly revealed that this agreement will allow ARISE IIP to frustrate the current mining players out of business since they control the port for exporting minerals.
“They claim they are making the mining industry competitive and growing the mining sector, yet they own no mines and simply want to operate a toll gate to exploit the mining sector and eventually put them out of business,” a source within the mining industry (prefer to be unanimous) revealed.
“This will then allow ARISE llP to coerce the Government to default the existing mining companies so that Arise partners can take over the mines. This agreement does not create competition; it is monopoly. One company will have the power to control the entire country’s ability to export minerals, which may stifle Government revenues without proper due process and inclusion of the mining sector.”
It is further revealed that the person that is behind the scenes of this ARISE IIP is, Frank Timis.
It was recalled that the infamous team of Frank Timis bankrupted African Minerals, took over London Mining, and bankrupted it in the name of Timis mining.
It is further revealed that Frank Timis has deep ties in Nigeria, which unequivocal controls Arise IIP via African Finance Corporation (AFC) which the Nigerians have outright control with more than 90% ownership in AFC. AFC have partnered with another of Frank Timi’s cronies, Gagaan Gupta, who controls a brand new fund called Africa transformation and industrialization fund (ATIF) who owns own Arise IIP – AFC with 50.50% and ATIF 49.50%.
“Once again, Frank Timis has fooled Sierra Leone by bringing a company ARISE IIP, which has zero track record as this company has never run any port and rail infrastructure, to take over the most important port in Sierra Leone which serves the mining sector,” the source disclosed.