South African insurance giant Old Mutual, which this week admitted to being a major shareholder in Zimpapers, is now also set to reap its financial share of the Chiadzwa diamond fields.

It has emerged that the financial group, which has faced pressure this week to revoke its stake in Zimpapers, is a part owner of the South African company that has secured a mining deal at the diamond fields. The company, Reclamation, was exposed last month by a South African documentary on the diamond crisis, as having an estimated 50% share in Grandwell Holdings, which in turn has partnered with the Marange unit of the state owned Zimbabwe Mining Development Corporation.

Grandwell Holdings, which is therefore effectively part owned by Old Mutual, was this month set to start mining at the fields, where rampant human rights atrocities are still being committed. Zimbabwe earlier this month managed to escape a ban from international trade, after the regulatory body responsible for ending trade in conflict stones, the Kimberley Process, gave the government more time to comply with international standards. The decision taken at the body's annual meeting in Namibia has shocked human rights groups, who were campaigning for a full ban as a result of the widespread abuse at the fields.

Old Mutual's involvement in mining the fields is set to further outrage human rights groups who this week started campaigning for the financial and insurance corporation to cut its ties with the vehicle of Robert Mugabe's propaganda and hate speech.

Muchadeyi Masunda, the Chairman of Old Mutual Zimbabwe, has said the insurance giant is an 'institutional investor' and does not influence the running of companies that the group has invested in. Masunda, who is also the Mayor of Harare, was responding to queries about Old Mutual's ties with Zimpapers, and it is likely this same defence will be used over the Chiadzwa mining claim.