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Bank accused of aiding Mugabe
30/04/2008 10:38 - (SA)
Johannesburg - Barclays Bank has been accused of providing "personal banking services" for up to four members of Robert Mugabe's regime, London's Daily Telegraph reported on Wednesday.
The four members of the Mugabe government are said to have benefited from the controversial land-grabs from white farmers in Zimbabwe, the newspaper said.
According to the Liberal Democrats, the alleged support was against the spirit of European Union sanctions, which specifically target leading members of the Zimbabwean government.
Under European Union sanctions imposed in 2002, bank accounts and funds of 131 members of Mugabe's regime were frozen.
Barclays allegedly provided the facilities through a locally registered company, Barclays Bank of Zimbabwe Ltd, listed on the Harare Stock Exchange, the Daily Telegraph said.
Barclays could lawfully avoid the sanctions regime because it owned a 64% stake through a locally incorporated holding company - and local companies are exempt from the sanctions.
A Barclays spokesperson told the Daily Telegraph: "We are studying the comments ... Barclays is compliant with EU sanctions regarding Zimbabwe. Barclays always seeks to conduct its business in an ethical and responsible manner.
"Barclays has been in Zimbabwe since 1912 and is deeply committed to supporting its 150 000 customers in the country in what is clearly a difficult operating environment."
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