Hyperdynamics Corp (HDYNQ)

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http://www.afriquejet.com/news/africa-news/guinean-pm-accuses-cndd-of-embezzlement-2010042948546.html

Guinean PM accuses CNDD of embezzlement
News - Africa news
Conakry, Guinea - In his first press conference since being appointed in February, Guinean Prime Minister, Jean Marie Dore, revealed Wednesday that the country's domestic debt between 2008 and 2009 was about GF 4,000 billion (CFA 4 billion), due to "bad and calamitous management" of the National Council for Democracy and Development (CNDD, ruling party).

The Prime Minister strongly criticized the management of state funds by the former ruling team, the CNDD, then headed by Captain Moussa Dadis Camara, who withdrew from public life since his aide, Lieutenant Aboubacar Touma Diakhite, attempted to kill him on 3 December, 2009.

"CNDD put the country on its stomach, while the Lansa Conte's regime had put Guinea to its knees," Dore said, noting that his team, which was put in place at the conclusion of the Ouagadougou agreements on 15 January, was doing its best despite the scarcity of funds in the country.

According to him, Guinea, which is in urgent need of funds, must sign contracts with mining investors, even if these documents could be improved later "for the happiness of Guinean people.

"I hope the mineral resources of Guinea will enable the country become, in the next 10 years, an emerging country," said Dore, adding that he had urged the Minister of Mining, Mahmoud Thiam, to sign, with the US company, Hyperdynamics, an agreement on oil exploration in a block of the continental plateau.

The Guinean sub-soil, according to several studies, contains, in addition to the strong quantity of bauxite and iron, oil, copper, diamonds, gold, among others.

"As head of government, I trust this company because the Americans came to our rescue several times (...) I haven't touched any penny when signing the contract, I think this could be improved because there is no perfect contract in this area," he said.

"We recall that a recent mission of the International Monetary Fund (IMF) drew the attention of the authorities to many shortcomings, including bad management that might plunge the country into dangerous situations which might result in serious consequences," he said.

Conakry - Pana 29/04/2010