OLD Mutual's bloody hands ?

[MidnightWizard]

I wonder if one of the economic fundis could check this out

You know -- Alec Hogg and MoneyWeb

Old Mutual linked to blood diamond trade

By: John Chimunhu
Posted: Wednesday, January 6, 2010
Filed under: National

Harare (ZimEye) London Stock Exchange-listed Old Mutual plc is involved in mining ‘blood diamonds’ in Zimbabwe, a move that has rattled its shareholders, ZimEye has learnt.

Information at hand shows that Old Mutual is the owner of New Reclamation Group Ltd, which in turn owns 50% of Grandwell Holdings Ltd, a company that recently partnered with the state-owned Zimbabwe Mining Development Corporation (ZMDC) to mine diamonds in the disputed Chiadzwa/Marange fields in Eastern Zimbabwe.

Grandwell is registered in Mauritius and the company has pledged to seek shareholder approval for a US$100 million investment in Marange.

Human rights groups are opposed to the mining of diamonds from Zimbabwe as this has resulted in the deaths of nearly 250 people through army operations to flush out illegal dealers.

MW

 

[ToxicBunny]

You REALLY need to fact check your stuff MW.

Old Mutual is a minor shareholder in Reclam, less than 6%. Therefore they are not the "owners" of New Reclamation Group Ltd.

 

[Lightscribe]

That's interesting. Thanks for following this story.

 

[Lightscribe]

Anything above 0% is a concern...

 

[ToxicBunny]

Yes, its a concern of course, BUT OM are not the owners as MW would like us to believe.

Also just to add a bit of info to this that is being purposefully left out. This info is coming from Andrew Cranswick of ACR who are also actively mining diamonds in the area and currently engaged in a legal battle with the Zimbabwean government about this EXACT some claim area that Reclam are involved in.

 

[Lightscribe]

Yes, I'm aware of the theft of the diamond fields, which the government of zim complains they have seen no money from for the nation...It is stolen by mugabe and his cronies.

I read all the related links also. http://www.telegraph.co.uk/news/wor...airstrip-built-at-Zimbabwe-diamond-field.html

This "grab all you can while you can" mentality is already part of SA...malema simply wants it to be large scale/wide spread, to hide the size of the pie he and his cronies have already decided to steal.

It's actually weird, to watch someone transform into a monster, with glazed eyes, regurgitating hate speech, as he wallows in his greed and hate filled thoughts of immense riches and his invincibility...

Too bad that such monsters dare everyone to kill them. They never seem to be able to add 1 and 1 together, to reach 2...

RIP malema...

 

[ToxicBunny]

Yes I know...

But in relation to this specific story, I personally find it beyond fishy that it originates from a "competitor" to the Reclam subsidiaries joint partnership in the area, and this person also gets their facts VERY wrong as well.

 

[MidnightWizard]

Miner or NOT

You REALLY need to fact check your stuff MW.
Old Mutual is a minor shareholder in Reclam, less than 6%. Therefore they are not the "owners" of New Reclamation Group Ltd.

Even that "little" bit is TOO MUCH

How can such an organisation be associated with such out and out GANGSTAS

They should DIVEST NOW TODAY


MW

 

[ToxicBunny]

Ok, as much as its worrying the story needs to be taken with a pinch of salt given where it originated from... Someone who is also invested in the area so they clearly must be "Gangstas" as well by your definition.

OM will divest immediately if there is anything proved to not be above board. I am pretty sure they're investigating atm. It would not be financially prudent to just divest from a company such as Reclam based on what is effectively heresay from a person who has vested interests in the Zimbabwe diamond fields.