Norman Lamb accuses Barclays bank of aiding Robert Mugabe regime in Zimbabwe
12.00.00am BST (GMT +0100) Wed 30th Apr 2008
Norman Lamb MP has accused Barclays Bank of providing "personal banking services" for up to four members of Robert Mugabe's regime who have benefited from the controversial land-grabs from white farmers in Zimbabwe.
Mr Mugabe and 131 members of of his government had their assets frozen under European Union sanctions imposed in 2002. Mr Lamb, speaking during a Westminster Hall debate challenged Barclays that the bank was still providing facilities for four people from the list.
He said: "There are at least two members - and I understand maybe four - of Mugabe's regime on the sanctions list who have received personal banking services from Barclays. [These are] individuals who are involved in the land-grab strategy, which has wreaked economic havoc on the country. One individual faces serious accusations of personal involvement in that process."
Barclays allegedly provided the facilities through a locally registered company, Barclays Bank of Zimbabwe Ltd, listed on the Harare Stock Exchange.
Barclays could lawfully avoid the sanctions regime because it owned a 64 per cent stake through a locally incorporated holding company. Local companies are exempt from the sanctions.
Mr Lamb said: "Had these services been provided by an EU-based company, there would have been a clear breach, but Barclays managed to avoid the sanctions regime.
"Surely it is scandalous that a British company - via a local subsidiary - is providing financial support and sustenance to this brutal regime and to key figures within it?"
There were also allegations during the debate that Barclays, together with two other banks, "had lent the Mugabe regime £110 million by purchasing treasury bills and government bonds".
Mr Lamb also claimed that Barclays had "arranged finance facilities worth £110 million to Zimbabwean companies involved in tobacco, mining, sugar, manufacturing and horticulture".
Daily Telegraph, 30 April 2008
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