In recent months, Solway Investment Group (SIG), a prominent Swiss mining and metals conglomerate, has found itself at the center of a controversy surrounding allegations of Russian connections and potential corruption in its Guatemalan subsidiaries. The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two of SIG’s subsidiaries and two individuals in Guatemala as Specially Designated Nationals and Blocked Persons (SDN’s) under the Global Magnitsky Law. This designation cited unspecified potential acts of “corruption” allegedly involving Guatemalan government officials in support of alleged Russian influence.
In response to these allegations and the subsequent sanctions imposed on its subsidiaries, SIG’s board of directors embarked on a journey to uncover the truth. They initiated an independent investigation into the matter, conducted by the highly regarded United States law firm Seiden Law LLP, led by experienced and respected retired U.S. government investigators.
While the investigation is ongoing, the first phase has been completed, and the results are now available for public scrutiny. These findings present a significant turn of events and provide valuable insights into the controversy surrounding Solway Investment Group.
Extensive Investigation Process
The investigation conducted by Seiden Law LLP involved extensive research, including interviews with Solway’s ownership and executive management, a meticulous review of corporate records, data analysis, and conversations with numerous witnesses with relevant knowledge of the situation.
Key Findings of the Independent Investigation
1. Solway Is Not Russian Owned, Controlled, Connected, or Influenced
The central accusation against Solway Investment Group revolved around its alleged Russian connections and influence. However, the investigative report unequivocally states that no evidence has been found indicating that Solway, its founder, or its shareholders have ever been under the control or influence of Russian entities and individuals. The investigation uncovered no direct or indirect Russian private corporate, governmental entity, or individual ownership interest in Solway or its subsidiaries.
In sum, the investigation confirms that Solway Investment Group operates independently of Russian control, ownership, or influence. This finding dispels the cloud of suspicion that had hung over the company.
2. Mayaniquel Is Not a Subsidiary or Connected to Solway
Another critical aspect of the investigation focused on the relationship between Solway and the Guatemalan mining company Mayaniquel. Contrary to allegations that Mayaniquel was a subsidiary of Solway, the investigation determined that Mayaniquel and Pronico (a subsidiary of Solway) maintained a purely commercial-based relationship. While there were instances of shared expenses and personnel transfers, there was no evidence to suggest that Mayaniquel was a subsidiary or under the direct control of Solway.
In essence, this finding discredits the notion of Mayaniquel’s subservience to Solway Investment Group and further supports the claim that the two entities engaged in a standard commercial relationship.
A Step Towards Clarity
The release of these preliminary findings from the independent investigation into Solway Investment Group marks a significant turning point in the ongoing controversy. The evidence presented substantiates the company’s claims of autonomy and dispels the allegations of Russian influence and connections.
It is important to note that the investigation is still in progress, and further insights may emerge as it continues. However, these initial results provide a sense of transparency and demonstrate the company’s commitment to uncovering the truth. Solway Investment Group can now move forward with a clearer reputation and the opportunity to address any remaining concerns that may arise throughout the course of the investigation.