• Wealth and poverty

    True riches would be to create a safe and satisfied community for all South Africans.

  • SABC shenanigans

    SA has already embarked on a slippery slope to autocracy, warns Terry Bell in Inside Labour.

  • Zim tastes people power

    Protests in Zimbabwe are forcing Mugabe to face anti-government sentiment, says Memory Mataranyika.

All data is delayed
Loading...
See More

Banks 'boost Zim diamond violence'

Aug 30 2011 15:49
AFP

Company Data

STANDARD BANK GROUP LIMITED [JSE:SBK]

Last traded 139
Change 2
% Change 1
Cumulative volume 3420305
Market cap 0

Last Updated: 25-07-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Zim economy 'offers many opportunities'

Zim starts own mining firm

Zim land grab toll tops $12bn

Zim's multiple-currency system to stay

 
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.
standard bank  |  barclays  |  zimbabwe  |  blood diamonds

 
 
 

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
2 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE SAVINGS ISSUE

Saving can make a lot of things possible, but we all know how hard it is to save. This special Savings Issue will help you get focused.
 

Money Clinic

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

Voting Booth

Sarb's decision to keep the repo rate unchanged is:

Previous results · Suggest a vote

Loading...