Juba bins claims on $3 billion deal with US-based company
AUTHOR: Ibasi Patricia Tobs | PUBLISHED: September 26, 2023
Dr. Bak Barnaba Chol, minister of Finance and Planning | Credit | Daniel Garang Deng/TRC
No deal or commitment was reached between the government of South Sudan and a U.S company – Caltech Trading Corporation – during the United Nations General Assembly in New York last week, the minister of Finance and Planning has said.
This comes after news circulated in the media, stating that President Salva Kiir had signed a $3 billion deal with Caltech Trading Corporation while in New York.
Speaking at a press conference on Monday, Dr. Bak Barnaba Chol, stated that the news circulating in the media is false and misleading to the public.
‘‘During the meeting between the President and Caltech, discussion did take place regarding investment opportunities in the Republic of South Sudan, with this being a courtesy meeting with H.E , the President,” he said.
“Discussions between the Minister of Finance and Caltech have been ongoing since August 2023, exploring various potential areas of cooperation. However , it is important to clarify that of now, no formal agreement has been signed between the parties.
‘‘The government of South Sudan follows a transparent and through process when engaging in significant investment agreement. Any such agreement would require careful consideration, including legal and financial due diligence, as well as approval from relevant government bodies. This has always been the standard procedure when engaging potential investment partners.”
Bak went on to say the government remains committed to transparent and accountable processes in all its engagements, and any developments in this regard will be communicated to the public in due course.
‘’Therefore, it is important to emphasize that no final agreement or deal was reached at that time,” he added.
Caltech Trading Corp. (CTC), a fully owned subsidiary of Caltech Group, was incorporated in 2004 in NJ, USA, although the founding directors were involved in this business since 1972.
The company is a part of one of the multi- faceted largest and most widespread industrial group having a very sizeable presence in Africa, Middle East, Europe, Latin America, North & South America, India and South East Asia countries.