stock repurchase announcements: a test of market ... - Asbbs.org

Koyame-Marsh
Given the fact that foreign troops played a major role in Congo’s civil war, their withdrawal from
Congo’s territory was capital to a successful cease-fire and the rebuilding of Congo’s institutions.
In July 1999, a peac e agr eement that asked for the withdrawal of all foreign forces fro m the
national territor y of Co ngo was signed in Lusak a. However, the parties to the Lusaka Pe ace
accord failed to act according to its m andate. After the failure of the Lusaka Peace accord, new
negotiation amongst the fighting forces in Congo were undertaken with the help of Sout h Africa.
Thus, on 30 July 2002, Rwandan President, Paul Kagame, and Congolese President, Joseph
Kabila, signed a peace agreement in Pretoria on t he withdrawal of Rwandan troops from the
territory of Congo and the dismantling of the ex -Far (Rwandan Armed Forces) and Interahamwe
forces (Rwanda Hutu Militia) in Congo.
However, in order to secure the success of the Pretoria peace accord, the UN and South Africa; in
a joint communiqué released in August 9, 2002; announced the setting up of a joint secretariat to
implement the July peace agreement between the Congo and Rwanda. The UN and South Africa
worked closely to gether to supervise and up hold the implementation of the co mmitments made
by bot h parties. Like Rwanda, Uganda and other countries inv olved in Con go’s conflict also
needed to pul l their troo ps out of Congo. Hence, on 6 September 2002, after more negotiati ons,
Presidents Joseph Kabila of Congo and Yoweri Museveni of Uganda signed a peace ac cord in
Luanda, Angola, for the t otal withdrawal of Ugandan troops fr om eastern Congo. Under the
accord, the government of Angola agreed to supervise its implementation, while the governments
of Kabila an d Museveni agreed to res pectively submit regular r eports on the progress of the
Ugandan retraction. The UN also called on other African countries involved in Congo’s conflict,
countries such as Angola and Zim babwe, which deployed troops in Congo i n 1998 in support of
the late Laurent Kabila, to discuss the prac tical im plementation of the 1999 Lusaka peace
agreement and to withdraw their troops from Congo’s territory.
Finally, Congolese rebel gr oups and the government of Congo had to agree on possible ways of
rebuilding C ongo’s economic and poli tical institu tions if a lasti ng peace was to be achie ved.
Thus, after difficult negoti ations in Pretoria, Sout h Africa, the Glo bal and Inclusive Agree ment,
whose implementation led to the formation of th e Government of National Un ity in Congo was
signed on 1 7 Decem ber 2002 between the rebe l gr oups and the governm ent of Co ngo. The
Government of National Unity was, however, in augurated on June 30, 20 03. The latter worked
well into achieving the reunification of the Con go because it included all the key players of the
different rebel grou ps. The inclusion of rebel leaders in the Gover nment of National Unit y was
the only way to guaranty the respect of the agreement and the non-return to violence in Congo. In
fact, despite some sporadi c fights in the east ern Congo, the Governm ent o f National Unit y
succeeded in reunif y Congo and in consolid ating t he peace process. Congo had a successful
presidential election in summer of 2006.
SIERRA LEONE’S WAR FINANCING AND PEACE AGREEMENTS
The decade long civil war in Sierra Leone caused about 75,000 deaths, forced half million people
to become refugees, and displaced about 2 million people (Smillie et all 2000). The war began in
1991 when t he Revolutio nary United Front (RUF), a small group of m en lead b y a f ormercorporal
named Foday Sankoh, started attacking v illages in eastern Sierra Leone on the Liberian
Border. After few months of fighting, the RUF gained control of the diamond mines in the Kono
district. With the control of the diamond mines, the RUF became financially powerful and able to
continue the war against the governm ent of Sierra Leone. RUF used revenues from the sales of
high-value gem diamonds to equip itself with hi gh-power weapons. During the war, RUF raised
an estimated US$25 m illion to US$125 m illion per y ear fro m the sale of diamonds, with a
reported high of $200 m illion (Amnesty International 2002). Funds fro m the sales of diam onds
ASBBS E-Journal, Volume 4, No.1, 2008 115