but given the limited cash resources of the government, it also provided that in event of a default it could be repaid in cash and/or in kind. Lawyers emphasised that this repayment could not legally exceed the value of the debt due under the loan agreement and said that it could "in no way result in the appropriation of 30 percent of private or national assets worth billions of dollars". Response from the Guinean Government Public statement The Guinean government also refuted the allegations made by The Sunday Times and affirmed that there was no automatic convertibility to a 30 percent stake in Soguipami in case of default. Guinea's minister of mines said that repayment would be at a value linked to the loan amount and accumulated interest and added that "the probability of Soguipami defaulting on this loan is minimal". The government also emphasised that the loan was not taken out by the Republic of Guinea, but by Soguipami, a parastatal entity that was set up in September 2011 to manage the government's stakes in mining contracts. It was clarified that the loan was not collateralised by Soguipami itself, but by one of its subsidiaries. CNT investigation The CNT, the country's acting legislative body, convened a special plenary session on 28 June 2012,and called upon the two ministers to explain the agreement. Both ministers defended the legality of their actions and explained that the funds had been sought for the operationalisation of the National Mining Company. The funds were kept in an account at the Central Bank foreign holdings. No evidence of wrongdoing was found by the CNT and the matter has been dropped. Government official have announced that the full amount of the loan along with interests has been paid to the lenders thus concluding the matter. Personal life . References South African businesspeople British mining businesspeople South African mining businesspeople 1972 births Living people