The Zambian government has instituted legal proceedings against Metal Resource Group (MRG) over a loss of about US $150 million in cobalt sales, the 'Post' newspaper reported on Friday. In a statement to parliament on Thursday, Finance and Economic Development Minister Katele Kalumba said MRG, contracted by the government to make the sales, had allegedly undervalued the cobalt. Kalumba said the Attorney General was following up the matter against MRG in order to recover the money from the Bahamas-based company. The case embarrassed the government when a report on an audit highlighting the discrepancy was published by local and international media.
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