• TERMS OF USE
  • PRIVACY POLICY
  • ETHICS COMMITTEE
  • SUBMITTING AN ARTICLE
Sunday, May 29, 2022
Sudans Post
  • HOME
  • NEWS
    • SOUTH SUDAN
    • SUDAN
    • REGION
  • EDUCATION
  • CORONAVIRUS PANDEMIC
  • PRESS RELEASES
  • OPINIONS & ANALYSIS
  • ABOUT US
  • CONTACT US
  • عربي
No Result
View All Result
  • HOME
  • NEWS
    • SOUTH SUDAN
    • SUDAN
    • REGION
  • EDUCATION
  • CORONAVIRUS PANDEMIC
  • PRESS RELEASES
  • OPINIONS & ANALYSIS
  • ABOUT US
  • CONTACT US
  • عربي
No Result
View All Result
Sudans Post
No Result
View All Result

Ex-finance minister Salvatore Garang took $400m in exchange for future oil, document shows

South Sudan's former finance minister Salvatore Garang is behind the alleged sale of oil in advance for at least $400 million loan, according to a document from the ministry of finance and planning.

May 13, 2022
Reading Time: 4 mins read

South Sudan finance minister Salvatore Garang Mabiordit seated at the parliament following an heated debate about 2019/2020 Fiscal Year budget on June 20, 2019 [Photo via Eye Radio]
South Sudan finance minister Salvatore Garang Mabiordit seated at the parliament following an heated debate about 2019/2020 Fiscal Year budget on June 20, 2019 [Photo via Eye Radio]
JUBA – South Sudan’s former finance minister Salvatore Garang is behind the alleged sale of oil in advance for at least $400 million loan, according to a document from the ministry of finance and planning.

Last week, incumbent minister of finance and planning Agak Achuil said the country’s oil has been sold in advance until 2027 sparking controversy on social media among activists.

The minister however backtracked on his remarks during a meeting at the state house J1 with President Salva Kiir Mayardit and said that his statements were taken by the media out of context.

But a document released by the ministry of finance suggests that former minister Garang took a $400 loan for oil-proceeds from the African Development Bank (Afreximbank).

“Reference is made to the “Term Sheet” dated 2 of May 2019 duly executed between the Ministry of Finance & Planning and M/s Afreximbank, vide which your company has been appointed as designated off-taker of crude oil cargoes allocated for repayment of the USDS 400M term loan facility,” the letter dated October 10, 2019 and signed by Garang reads in part.

“The proceeds derived from the sale of the crude oil allocated will be assigned to M/s Afreximbank towards repayment of the USD $ 400 Million Term Loan Facility that is being availed to the Ministry of Finance and Planning. I am, hereby pleased to irrevocably allocate the following Twenty Five [25] crude all cargoes to Trinity Energy Limited as the appointed and authorized crude oil off taker to the Afreximbank – USD $400 Million Term Loan Facility for lifting between 2019-2023,” it added.

In his statements to journalists last week, Achuil said Garang spent millions of dollars from creditors and those loans were being paid off from the oil.

“The money which was spent before I could come in was $334 million, this is the money people are talking about that I am sitting on, and I don’t want to spent it, that was the money spent by those of Salvatore and Athian,” Achuil said in a press conference in Juba last week.

“The other money was 225 million US dollars, these were the money which were spent and they [WB, IMF] are still waiting for the auditing,” he added.

Share this:

  • Click to share on Facebook (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)
  • Click to share on Telegram (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)

Related Posts

United Nations meeting on Sudan and South Sudan in New York, March 4, 2020 [Photo by UN/Eskinder Debebe]

Watchdog welcomes renewal of South Sudan arms embargo

South Sudan's map featuring Jonglei state in red. [Photo via Wikipedia]

Top government official survives ambush   

Comments 2

  1. Deng Deng says:
    2 weeks ago

    WOW! In a civilized nation, this could have caused many to resign. Does anyone know how much South Sudan racking up?

    Reply
  2. Edwin Nassar says:
    2 weeks ago

    South Sudan needs a regime change. Pillaging monies is theft from the self-governance people benefits.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Sudans Post

Sudans Post is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Sudan, South Sudan and East Africa, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the two countries and the region.

SUDANS POST

  • ABOUT US
  • CONTACT US
  • ETHICS COMMITTEE
  • PRIVACY POLICY
  • SUBMITTING AN ARTICLE
  • TERMS OF USE

RECENT NEWS

  • Watchdog welcomes renewal of South Sudan arms embargo
  • Top government official survives ambush   

SUBSCRIBE TO SUDANS POST

Get the news delivered right into your inbox and subscribe!

Loading
  • PRIVACY POLICY
  • TERMS OF USE
  • ETHICS COMMITTEE
  • SUBMITTING AN ARTICLE

Copyright © 2019–2021 Sudans Post - All rights reserved.

No Result
View All Result
  • HOME
  • NEWS
    • SOUTH SUDAN
    • SUDAN
    • REGION
  • EDUCATION
  • CORONAVIRUS PANDEMIC
  • PRESS RELEASES
  • OPINIONS & ANALYSIS
  • ABOUT US
  • CONTACT US
  • عربي

Copyright © 2019–2021 Sudans Post - All rights reserved.