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Zimbabwe: Pressure On Barclays Bank to Pull Out
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SW Radio Africa (London)
8 July 2008
Posted to the web 8 July 2008
Alex Bell
A member of the Welsh Assembly in the UK has written to senior executives at Barclays Bank, calling on them to "make a stand" against Robert Mugabe's brutal and violent regime and suspend its operations in Zimbabwe.
Lesley Griffiths, who has campaigned against the violation of trade union rights and the wrongful arrest and imprisonment of three prominent trade union leaders by Mugabe's regime, has written to the Barclays Bank Chairman, Marcus Agius and Chief Executive John Varley, urging them to pull the business out of Zimbabwe until the political crisis there is resolved and democracy restored.
Griffiths told Newsreel on Tuesday that Barclays UK, which has a 67% controlling share in Barclays Bank of Zimbabwe, "provides loans and invests in government bonds that indirectly enable Mugabe to finance his regime of terror".
Mugabe made it law that any commercial bank operating in the country - such as Barclays - must reinvest 40 per cent of its profits in Zimbabwean Government bonds. The result of Barclays' continued presence in Zimbabwe, therefore enables the Zimbabwean Government to have access to vital foreign exchange.
Griffiths said: "For a UK high street bank to be seen giving any kind of support - indirect or otherwise - to the heinous regime of Robert Mugabe is, I believe, extremely damaging to company's reputation." Griffiths added that Barclays must take heed of the criticisms it is facing and realise that "any company doing business in Zimbabwe is keeping the regime alive". She said Barclays must do the "honourable thing by suspending its presence and help the ordinary people of Zimbabwe make a stand against the tyrant Mugabe".
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Pressure is growing on international business to halt their operations in Zimbabwe following last month's sham election run off. Last week British supermarket group Tesco announced it would stop sourcing products from Zimbabwe, until the crisis has ended and peace has been restored.
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