Monaco Resources converts auditor into CFO to boost finance repute
Monaco Resources has asked one of its auditors from Baker Tilly to become its first ever group CFO.
Among the potential buyers for the Alteo alumina refinery in Marseilles, currently in administration, is Monaco Resources, whose founder Axel Fischer was previously convicted in Germany for mismanagement of an aluminium factory.
In less than 10 years, Monaco Resources has become a major player in African commodities. Until now, it has been quite secretive about its shareholders and the backgrounds of its executives, but is finding it increasingly hard to maintain this stance as it grows in size and is forced to jostle for position on highly competitive markets.
In less than 10 years, an enigmatic Monaco company, Monaco Resources, has established itself in all sectors of the African economy - from mines and agri-business to port logistics and trading. Its rapid but uncharted success has been financed by borrowing on European bond markets.