Sunday, February 20, 2022

Credit score Suisse financed Zim fraudster in deal that saved Mugabe

“That cash completely caused all of the heartache, ache, gerrymandering, violence, intimidation, repression that came about on the 2008 election,”…

By Staff , in Platinum , at February 20, 2022

“That cash completely caused all of the heartache, ache, gerrymandering, violence, intimidation, repression that came about on the 2008 election,” mentioned Roy Bennett, a former anti-Mugabe politician, on a Zimbabwean radio present in 2012. “[The election violence] is immediately linked to that $100m.” 

Three days after the platinum deal closed, and as Zimbabwe descended into violence, a Credit score Suisse analysis paper lauded CAMEC as certainly one of its “African 20” inventory picks. 

There isn’t any proof Credit score Suisse knew in regards to the deliberate corruption, however it ought to have seen that the deal was suspicious. A categorized US State Division message, despatched on Could 23 2008 and later launched by WikiLeaks, described the sale as a “swiftly concluded and murky deal”.

Rautenbach was already a controversial determine when Credit score Suisse opened his accounts in early March that 12 months, having fled fraud fees in SA and been deported from the Democratic Republic of the Congo (DRC) for mining-related corruption. A 2006 UN report questioned his integrity and criticised insufficient due diligence on his DRC mining offers. 

Rautenbach’s accounts at Credit score Suisse had been open for a number of months after the US and EU sanctioned him for his function in subverting Zimbabwe’s democracy. It’s not clear if Rautenbach closed them or if the financial institution acted.

“It beggars perception that Credit score Suisse continued to offer Rautenbach with banking services given the furore created by CAMEC gifting $100m to Mugabe,” mentioned Anneke van Woudenberg, government director of UK-based company watchdog RAID. 

“Credit score Suisse’s course of to confirm its shoppers was both woefully insufficient or fully ignored,” she mentioned. 

By the tip of Could 2008 the 2 Rautenbach accounts had been value greater than $20m, and doubtlessly as a lot as $38m, although OCCRP can’t assess whether or not these funds had been tied on to the platinum deal. The accounts had been lastly closed in April 2009 after UK authorities froze Rautenbach’s holdings in CAMEC. 

By then Mugabe was effectively into his fifth time period and Rautenbach had already profited from the platinum sale.

Even earlier than CAMEC took management of the Zimbabwe platinum mine the corporate was rising quickly through the top of the early 2000s commodity increase. Its share worth soared and by 2007 it had attracted a spread of huge institutional buyers desperate to capitalise on rising metals costs. 

A enterprise intelligence marketing consultant with information of Rautenbach’s dealings, who requested anonymity for skilled causes, mentioned firms comparable to CAMEC relied on backing from institutional banks and buyers to safe mining offers. 

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