• Dangerous games

    Employers' body Neasa is playing a potentially dangerous game, says Terry Bell.

  • Rational thinking

    All players should first consider the net result of their actions, says Leopold Scholtz.

  • Telkom's property poser

    BEE may be hindering Telkom's plans to offload redundant real estate, says Gugu Lourie.

Data provided by iNet BFA
See More

Banks 'boost Zim diamond violence'

Aug 30 2011 15:49 AFP

Company Data


Last traded 145.17
Change -0.83
% Change -0.01
Cumulative volume 1373623
Market cap 234.92bn

Last Updated: 31/07/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Zim economy 'offers many opportunities'

Watchdog divided on Zim diamond deal

Zim starts own mining firm

Zim land grab toll tops $12bn

Zim's multiple-currency system to stay

Zim govt probes De Beers

Johannesburg - Foreign banks with investments in Zimbabwe are enabling human rights abuses by failing to stop local partners from facilitating illegal sales of the country's diamonds, rights groups said Tuesday.

The groups called on Barclays, Standard Bank Group [JSE:SBK] and other banks with ties to Zimbabwe to audit their local partners for evidence of involvement in the sale of gems from the Marange diamond fields, which have been restricted since 2009 under the Kimberley Process, the international "blood diamond" watchdog.

The call comes as the groups Human Rights Watch (HRW) and Partnership Africa Canada (PAC) published what they say is a leaked document from the parastatal Mineral Marketing Corporation of Zimbabwe, offering to sell more than $200m (€138m) in illegal Marange diamonds through three Zimbabwean banks.

"This shows Zimbabwe was wilfully in breach of the universally respected ban on Marange diamonds," PAC research director Alan Martin told journalists.

He said foreign banks with ties to the three Zimbabwean banks are "exposing themselves to reputational harm".

Britain-based Barclays and South Africa-based Standard Bank both have multi-million dollar investments in the Commercial Bank of Zimbabwe, one of the banks suggested in the March memo as a vehicle to facilitate the illegal diamond sale, Martin said.

And the World Bank-affiliated International Finance Corporation (IFC) has extended an $89m loan to BancABC, another of the Zimbabwean banks, he added.

"By facilitating these transactions, Barclays, Stanbic (Standard Bank) and the IFC are participating in diamond-related violence," he said.

Gems from Marange, touted as one of the richest diamond finds of the decade, have been tainted by reports that the Zimbabwean military gunned down more than 200 local miners in 2008 and has set up a torture camp where locals are forced to mine the gems.

HRW says profits from the gems have gone to fund President Robert Mugabe's Zanu-PF party.

HRW senior researcher Tiseke Kasambala said on Tuesday the area continues to be the scene of "barbaric" attacks by police and private security guards, who have shot and beaten local miners and unleashed attack dogs against them.


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.

No need to keep up with the Joneses

Fin24 users provide their own personal tips on how to save money instead of trying to keep up with the Joneses.


Start saving...

Where can you stash your cash?
Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...