BARCLAYS is bankrolling President Robert Mugabe’s corrupt regime in Zimbabwe
by providing substantial loans to cronies given land seized from white
farmers.
The British bank lent £750m to the country’s new landowning elite in the first
half of this year, mostly through a government scheme to boost farm
productivity.
This weekend Barclays was under pressure to say whether it had lent money to
five of Mugabe’s ministers — each named in European Union sanctions.
The Sunday Times has established that the five have received cash for their
farms under the scheme to which Barclays is one of the main contributors.
They include Didymus Mutasa, the national security minister, who helped to
orchestrate the controversial land-grab policy that left 4,000 white farmers
without homes or livelihoods.
The country’s human rights abuses have made it an international pariah. Gordon
Brown, the prime minister, has said he will boycott the EU-Africa summit in
Lisbon next month if Mugabe remains on the guest list.
Despite the worldwide condemnation, Barclays, which faced criticism for
operating in South Africa during the apartheid years, has remained one of
only a handful of banks with extensive operations in Zimbabwe. It has
recently been opening new branches in the country.
This weekend Norman Lamb, the Liberal Democrat MP who has a long-standing
interest in African affairs, said he would ask David Miliband, the foreign
secretary, to investigate whether the Barclays loans had breached EU
sanctions. He said: “The loans sustain the regime and individuals within the
regime and those who profited from the violent land-grab. It’s morally
questionable.”
Many of the farms now funded by Barclays were forcibly taken by mobs organised
by Mugabe’s Zanu-PF party. They were distributed to leading figures in the
regime, even though the policy was intended to give farms to landless black
Zimbabweans. The beneficiaries included Mugabe himself, who is said to have
three estates.
The land-grab policy proved a disaster for agricultural production, turning
the former bread basket of Africa into a country where many people are said
to be on the brink of starvation.
To increase productivity, the government is now offering loans to farmers to
buy machinery and supplies under a scheme called the Agricultural Sector
Productivity Enhancement Facility (Aspef).
Barclays is required to finance the loans under Aspef as part of a set of
conditions laid down by the Zimbabwean government which permit it to operate
in the country, where it made £34m in profit last year. Its £750m Aspef
loans are an increase of 17% on the previous year.
At least five ministers have received loans through Aspef. They are Sikhanyiso
Ndlovu, minister of information and publicity; Patrick Chinamasa, minister
of justice; Rugare Gumbo, minister of agriculture; Webster Shamu, minister
for policy implementation; and Mutasa.
Ndlovu confirmed that ministerial colleagues and other party members were
seeking the Aspef cash. “Yes, my colleagues applied and they should have
received the funding,” he said.
The ministers are on a list of 131 regime figures who are blacklisted as a
result of EU sanctions on Zimbabwe. The sanctions say: “No funds or economic
resources shall be made available, directly or indirectly, to or for the
benefit of people on the list].”
Barclays refused to confirm or deny whether the ministers or other blacklisted
regime figures were its customers, on the basis of client confidentiality.
The bank said it closely audited its Zimbabwe operations to ensure no
sanctions were breached.
However, a source close to the bank said he had seen Shamu’s paperwork for a
Barclays loan. Farmers take out loans with individual banks through Aspef.
Among the other institutions which offer loans is Standard Chartered, a
British bank, which also refused to say whether it loaned to regime members
on the basis of client confidentiality..
Yesterday Zimbabwe opposition figures called for an investigation into how the
Barclays funds had been spent. “Barclays is giving money to this regime and
propping it up in an opaque process,” said Tendai Biti, secretary-general of
the Movement for Democratic Change.
He said the agricultural loans were used as a “vehicle of personal wealth
accumulation for the regime”.
Barclays’ dealings in Zimbabwe have angered former farmers who lost their
land. Derrick Arlett-Johnson, who fled his farm in the Midlands province,
said: “They’re loaning money to people who have taken something illegally.
So in fact they are assisting in a crime, in my opinion.”
A spokeswoman for Barclays said the bank had operated in Zimbabwe since 1912
and had 1,000 employees and a network of 20 branches serving 150,000 retail,
business and corporate customers in the country.
“We are committed to continuing to provide a service to those customers in
what is clearly a difficult operating environment. We are also committed to
the welfare of our employees,” she said.
Barclays bank helped me out in financial dealings under the draconian foreign currency laws of Ian Smith, was difficult just to go on leave in SA at the time, currency transfers being severely restricted. I suppose the Bank is helping out some other people this time round.
Barclays is certainly not responsible for the state of the Zim Dollar today. In my day R$1 was US$1.41. How things have changed - wonder whether many people remember the full shops and well-fed people??
Keep trading with Barclays, things will change again and that bank will still be there.
R J Hardy, Brisbane City East, Qld Australia
It is important that Gordon Brown and the rest of the super powers in the world go back to history and understand it. This land never belonged to the whites, when they colonised africa they got this land for free and never compensated the native people, after independence they did not want to share the resources with blacks.... and the principles of democracy were not applying..... now that the land has been redistributed to blacks they are putting sanctions on us. Why were they not putting sanctions against the white rulers who massacred millions of people in africa? Please we need to move forward and recognise each other as humans, let's share the resources we have , whether black or white we are all humans. If this land was redistributed to whites there were no issues but because this was given to poorest blacks they are making it an issue. NO to racism guys . Gordon Brown what value are you adding to Zimbabwe, it's Britain's fault not Mugabe. Banks should put customers first.
TKKKK, Harare, Zimbabwe
The answer IS simple...boycott Barclays.
It is easy to move banks, it is also easy to make them listen if a unified message is sent to them by terminating accounts.
They are a bad bank in any case with no-one's welfare but their's and their share holders at heart.......PERIOD.
BOYCOTT BARCLAYS
Nik Duffield, Arusha,
What do you expect? they're a bank - mega greedy, mega rich. They don't give a damn about anything or anybody but their profits and payoffs.
Debbi M, Harrogate, Yorkshire
Barclays Bank I am disgusted in you and I am also disgusted at the Britsh greed how low are you to finance criminals who illegally evicted innocent families from their farms. Don't talk rubbish in saying that you have your customers or workers best interest at heart, we see right through you.
I can't stress how sick you make me feel.
Bronwen, Boksburg, South Africa
Strange isn't it that the majority of black Zimbabweans who comment on this and every other situation in Zimbabwe appear to do so from the comfort of the UK or somewhere else in Europe. If they think that what Mugabe and his cronies are doing and have done in the past, is so marvellous why aren't they standing in line all day for a loaf of bread (or not) or walking to work (provided, of course, they had work) because they can't afford over Z$1 mill for bus fare (provided, of course, there are any buses with fuel)? You wanted the whites out, well most of us have gone, thanks for that! If you're so sure that ZANU PF and Mugabe have all the answers, what are you waiting for? Go back to Zimbabwe and do your bit instead of twittering from the sidelines whilst you have plenty to eat, hot and clean water and a stable income etc. Please - do us all a favour!
Su, Dallas, Texas
though it maybe debateable that the loans shouldnt be provided it is the common man who gains the most from them.those ministers will never suffer and though people hate giving them more a few thousand people will get jobs and money.
Tamu, Geelong, Australia
is it not a strong moral duty of the united nations to interfere with troops of the AU in zimbabwe,if many thousands of innocent lives mean anything to them
to end the mugabe regime
and genocide? idi amin understood this,when nyerere`s troops of tanzania chased him.the same with mugabe. this is a menmade tragedy.
will they sit back like in the ruanda genocide 1994 and look away?
the people of zimbabwe are too tired and traumatized of war to liberate themselves from this tyranny.the international community has to show now what it is for or vacate the UNO-building.please!
fr.gabriel,cmm, bulawayo , zimbabwe
I am appalled at Barclays Bank and their stance on the situation in Zimbabwe. I have been using Barclays since I left school 11 years ago and will be switching Banks today!!! They are fuelling a situation that they should be helping to prevent. It's disgusting.
S Francis, London, UK
SLK. Perhaps I should have said the "struggles continue unabated", for the point you raise is but one struggle. Other unfree and undemocratic kingdoms and republics of this world still feed their people. Hence freedom is not equal to full stomachs, as some would have you believe. Chaotic land reform has caused food and forex shortage. That is a given.
The question is "what led to chaotic land reform?" In the answers lie our differences. You think that lack of freedom led to this. Perhaps that is so. I prefer to consider the documented success of pre-1990 ressetlement schemes for unskilled farmers (eg see Stonemen et al's articles). The discontinuation of British finance, two failed land conferences(late 1990s) which tried to address the impasse, and alleged paticipation of British elements in opposition parties led to "chaotic land reform"
This land reform, its causes and effects are here. The solution lies in our history of survival in its totality. Not just 1890-1997.
shumba muroori, London, UK
SLK. Perhaps I should have said the "struggles continue unabated", for the point you raise is but one struggle. Other unfree and undemocratic kingdoms and republics of this world still feed their people. Hence freedom is not equal to full stomachs, as some would have you believe. Chaotic land reform has caused food and forex shortage. That is a given.
The question is "what led to chaotic land reform?" In the answers lie our differences. You think that lack of freedom led to this. Perhaps that is so. I prefer to consider the documented success of pre-1990 ressetlement schemes for unskilled farmers (eg see Stonemen et al's articles). The discontinuation of British finance, two failed land conferences(late 1990s) which tried to address the impasse, and alleged paticipation of British elements in opposition parties led to "chaotic land reform"
This land reform, its causes and effects are here. The solution lies in our history of survival in its totality. Not just 1890-1997.
shumba muroori, London, UK
In regards to the comments made by 'shumba muroori', you seem to have a very warped idea with regards to the whole land issue. If the land was re-allocated in a proper manner i.e. seek people with the necessary skills to utilise and maintain the land not only as subsistence farmers but as commercial farmers, then you might have a case to defend. This notion of yours on human survival is not applicable in this case, as back then (1890s to 1979) the struggle wasn't just for land but for freedom from the colonial powers, but now the struggle is with the very people who supposedly fought to set free us. They are the cause of the current situation that has decimated a once proud and beautiful country, can you honestly tell me that you can walk in Harare, Bulawayo or even Mutare and tell me that you are happy with the way things currently are? knowing what the country looked like not more than 5years! I am neither a member of the opposition nor the government, I am just stating facts.
SLK, London,
I worked on the Barclays Sanctions Programme, and it was common knowledge that Barclays Zimbabwe branches had refused to participate in having their customer screened against US, UK and EU Sanctions Lists
An Employee, London,
It is a despicable shame that the "free" press of the free world , such as the Times, continues to be used as WMDs (Weapons of Mass Deception), by those who have a keen interest in ensuring that the Zimbabwean project fails. Viability of commercial farming by white immigrant families was made possible by funding from banks such as Barclays. Notwithstanding land tenure issues, the failure of the same banks to finance farming under indegenous blacks owes a lot to the current food and forex shortages in Zimbabwe.
Shame on those people who fantasize about and think that the return of land to whites in Zimbabwe is a necessary condition for progress. The story of human survival in Zimbabwe is measurable in thousands (if not millions) of years, and its legacy will triumph over the overemphasized importance of white leadership from 1890 to 1997 (ie the onset of land reform).
The struggle continues unabated.
Shumba Muroori, London, UK
It is a despicable shame that "free" news media of the free world, such as the Times, allow themselves to be used as WMDs (Weapons of Mass Deception) by those with a keen interest in the failure of Zimbabwe's project. The viability of commercial farming under immigrant white faimilies was funded by banks such as Barclays bank. Notwithstanding land tenure issues, the failure of the same banks (thus far) to fund commercial farming under indegenous black people has contributed significantly to current food and forex shortages.
Shame to those people who fantasize about and think that the return of farms to whites is a necessary condition for progress in Zimbabwe. The story of human survival in Zimbabwe is thousands (if not millions) of years old, and its legacy will prevail over the overemphasized transient importance of white leadership from 1890 to 1997 (the onset of land reform).
The struggle continues unabated.
shumba muroori, London, UK
Rather than closing personal accounts at Barclays, is it not better to buy a few shares in the bank, and then to attend the next AGM and challenge the Board to justify their immoral activities? They are unlikely to appreciate the criticism in front of the world's press.
Guy, Maidstone, Kent
Unless I hear that Barclays have withdrawn from this regime I will be closing my accounts there, and urging everyone in my local community to do the same.
David Cohen, London,
Courtrooms throughout Britain very seldom allow in hearsay evidence. Second hand sources prove to be circumspect. But every statement has a glimmer of truth -- and the same rule must apply to every article written by The Times.
To paraphrase the above article (when compared to other articles published by this newspaper) it is clearly saying: 'In Zimbabwe, where nearly everybody is starving, Barclays plc has 20 branches that service 150,000 retail and corporate customers. And by doing that, Barclays plc made a profit of £34m last year.'
If the loans are being given so that farmers may increase productivity, then that is a noble reason for giving a loan. Especially when the main criticism of Zimbabwe has been its lack of agricultural production. But the motive of Britain and the US was made clear in David Milliband's above quoted statements. Its about draining the Mugabe regime and promoting its removal.
Another instance of the UK's moral tyranny. The history is clear.
Frederick, London, United Kingdom
Yes, but the real issue is "Why have foreign Governments put up with Mugabe for so long", if Zimbabwe had oil - he would have gone long ago... And why has S. Africa just sat there watching?.............
Ian Houseman, Aylesbury,
Come on folks, this is no big deal! Banks have been funding terrorists, dictators and other human scum for centuries. These bankers are only interested in one thing - any guesses? You've got it - money! American banks funded Hitler's regime during WW2 but nobody talks about that.
Yes Barclay's is bad because they are giving the hard earned money of the majority of their small depositors to a few of the ZANU PF bigwigs. So what's new here? Nothing. In fact if you really want to get upset about these multi-million pound loans, think about the other aspect of loans. That is the payback. These guys will never pay back any of these loans. They never have, so why now? They only take - they do not give!
Mark, Atlanta, GA, USA
Why are we so surprised about all this?
Peter, Hartlepool,
One must wonder why ths was not highlightd when Barclays was desiring to take over ABA bnk in South Africa a few years back and were despirately attempting o distance themselves from their apartheid era discrepancies
Dickie, Hull,
The 'white farmer' jibe by Farrukh in Woking is garbage. There is a tremendous tide of concern from ordinary Britons for Black Africa. Post colonnial political correctness stymied criticism of Mugabe in the first place.
As far Barclays. They should be ashamed.
Peter Cannon, Westerham, England
There is no wonder that the once ‘civilized world’ is becoming more of a chaotic shambles and increasingly less secure.
Not many seem to care about moral values or scruples anymore.
The BIG BUCK in the pocket seems to be all that matters!
Mugabe is about to ‘nationalize’ foreign owned companies - without compensation (as usual = grand larceny).
Barclays Zimbabwe rightfully deserve to be the first to go. They have a long-standing and shameful past for alleged bootlicking, aiding and abetting this tyrannical regime.
Many of Mugabe's inner-circle of crooks bank with Barclays - they typically do not trust 'indigenous banks' - many of their managers are also corrupt.
Tyrant Observer, Pretoria, South Africa
I lost my farm in 2004 to the third chimurenga idiots and I will be bloody annoyed if this is the case with Barclays.
Why do we continue to do business with Bob????
I am now somewhere else, safe and sound with my family
Jo Bloggs, a long way from Darwendale
J.Bloggs, Norwich, Norfolk
Oh, technic ... wake up and smell the coffee. We have seen how Zimbabweans solve their own problems. That is the problem!
Shannon, London,
My wife says she will also close her account, (she recently obtained over £900 of returned charges from Barclays), while Barclays actions may be within the law their perceived morality & business approach are suspect.
BRUCE MORGAN, marlborough, england
Barclays is now supporting the very people who have pushed Zimbabwe to the edge of destruction, and murdered dozens of white farmers.
The Barclays Board should be ashamed of themselves for making both an immoral and dumb business decision to invest in a country that is about to go under.
Joe McT, Glasgow,
This report shows that Zimbabwe is under full sanctions from the west, even distributing funds from the Reserve Bank of Zimbabwe is seen as helping those under sanctions. The world we are living today is very unfare, all you want to show on your television is empty shelves and people starving as you always claim, but when they try to solve their problems through distribution of government funds through British banks like Barclays you still blame them. I would like to let the world know that all companies and banks in Zimbabwe are British owned, we black Zimbabwe we do not have anything thus why you see President Mugabe having that huge support particularly in rural Zimbabwe where 70% of the people of Zimbabwe live. All companies in Zimbabwe should be owned by Black Zimbabweans for our nation to solve the problems they are facing otherwise western companies saves the interest of the west, Barclays bank is a rare case. Keep it up Barclays bank.
Mwana Wevhu, London, UK
I cannot believe that Barclays have stooped to this level. Do they really understand the poverty and starvation that is rife in Zimbabwe, do they really care about anything but more profit. By providing funds for these murderers Barclays condones their actions and the terrible ordeals that the people of Zimbabwe (black and white) have suffered and will continue to do so until that murderer is removed from politics. He does not give a damn about his people, he only cares about the power and the money. Zimbabwe will never recover from the curse that he has put on the country and its people.
I am very dissapointed in Barclays Bank.
Denis McMurray, Milton keynes,
Between them and from accross all parties 82 British MPs all owned multiple farms in Zimbabwe. 600 British companies operate in Zimbabwe. All are protecting their interests through the house of commons. the MPs come in very useful for all concerned.
JJJ Zim, Harare, Zimbabwe
Any Barclays or Standard Chartered account holders possessing even a modicum of moral fibre will close their accounts at the earliest opportunity.
The greed of these banks is beyond measure.
Jonathan Parry, New Delhi, India
Being a Black Zimbabwean Expat, I would like to thank Barclays for what they are doing in Zimbabwe.
While I loath dispossessing people of their land, homes and livelihoods, (a matter that I think when Zimbabwe finally settles down - Zimbabweans should redress), of all people, White Zimbabweans have used their historical position for self gain and I hope will have assets to see them through this phase of Zimbabwean history.
The net result of Barclays' activity will be to help the poorest black Zimbabwean families as some of the money filters down to the farm employees.
I regret that some of these loans have to go through the hands of people judged by some as disreputable and that they make gains from them.
Please remember any help for the very poor is better than no help at all, and believe it or not Barclays is helping.
Must we all continue to support only the 4000 white farmers while ignoring the 4,000,000 children and young people of Zimbabwe who also need help.
Gabriel Chisese, London,
2004 & I was building in France, I had property worth close to 1 million euro, no loans no gearing. I was looking to raise 50k to finish one project. UK banks told me they could not lend to overseas clients as they had seen huge losses before (South America it transpired). I'm obviously badly connected or not corruptible or both.
Banks are more and more looking by their very nature duplicitous, greedy and totally immoral. However, you know who's going to pay for this mess in the industry -- guess! NOT the guys a the top - the guys a the bottom - you and me!
Tom, Ludlow, UK
Bye Bye Barclays
Chris, Waterlooville, England
I wonder if Mike, Harare, Zimbabwe was once a farmer who lost his land to the tyranical regime?
More than likely, he has a Government job and has his nose firmly in the trough!
Tony Jordan, Swanage, Dorset, UK
With due all respect let Africans resolve the struggle in Harare, and on Human Rights we wish to hear more Condemnation to Britain and American's proxy support to Ethiopian and Ugandan Regime bombing Somalia and Eritria.
It is also important to expose how Neo-liberalism has caused suffering to ordinary Africans and undermining Development.
Mukoma Fani, London, UK
Approx 5 years ago a UN report came out condeming Barclays behaviour along with 80 other companies for their role in prolonging and profiting from the Sierra Leone conflict. Barclays was the only major western company to be named.
Since then I have avoided the company. Clearly Barclays haven't yet learned the value of ethics and I will continue to boycott Barclays.
Anna Charlton, London, UK
Talk about the pendulum swinginging - in my days as a student we boycotted Barclays because of its support for aparthied. They just can't get it right can they, just like all this sub prime lending in the US, they've been doing it in Africa as well. About time the UK government headhunted these geniuses to work in the public sector here - they'd do wonders for the economy.
Bill Q, Derby,
Lending money to a dictator who has ruined a country / falsified elections and has been responsible for brutal treatment of citizens and o lend it under the guise of looking after it's customers is shabby to say the least. I know what I would be doing if I had an account with Barclays, down loading the cancel my account form.
As for letting the Zimbabweans solve their own problems and that the EU is responsible for their starvation, doooooooh!
edward chalkley, Corseul, France
Barclays does not deserve this criticism.
I believe the article grossly overstates the amount advanced to farmers. Most likely the figure of £750m was derived based on the unrealistic Zimbabwean official exchange rate. Barclays Zimbabwe does not have the capacity to fund a loan book of that size.
Besides, agricultural loans are not funded by Barclays, but by the Reserve Bank of Zimbabwe (RBZ). Barclays, like any other commercial bank operating within Zimbabwe, is disbursing ASPEF loans to farmers on behalf of the RBZ. Banks in Zimbabwe are reluctant to fund agricultural operations as the risk of default is perceived as high.
We should also note that Barclays Zimbabwe operations are largely funded by deposits mobilised from the local market, not offshore credit facilities as implied by this article.
mike, Harare, Zimbabwe
Whoever is tasked with investigating, if there is any investigation to be conducted, will need tell the public the truth. So demonising and strangling Barlays without tangible evidence is utterly unfair.
Famu, London, UK
I would like to start with a plead to all those in the UK to not put pressure on Barclays to withdraw from Zimbabwe.
I worked for Barclays Africa (in the UK), the division responsible for Barclays Bank Zimbabwe, for many years - with 18 months of my time being based in Harare itself. I left Barclays at the start of 2007.
In order to operate in Zimbabwe, Barclays are forced to follow Central Bank regulations which include holding large amonts of money on deposit with the Reserve Bank - which can then be used by the governement.
Whilst this may not be ideal it is important that people appreciate that Barclays Zimbabwe employ a large number of people that are dependent upon the bank for a living and who otherwise would need to start begging on the streets like many others. Barclays all generates business that keeps local hotels operating.
It is crticial to many peoples lives that Barclays continues to struggle on in Zimbabwe.
Tim, Winchester,
Most of my savings are with Barclays, I hope that they have not used my money to lend to Zimbabwea, I can transfer my money out, I bet they can't ask for the £750 million back, and this is where the problem of the present bank liquidity crisis lies, they lend money which a depositor can take out on a whim to give longer term loans, any money going to other countries should be by way of Aid not personal banking.
Jim Allan, Wigan, Lancs
Land seized from white farmers - an injustice for sure. And yet, such little attention to the social and economic injustice faced by the entire African continent through. I wonder, if the farmers were not 'white' would anyone give a hoot.
And shame on Barclays. How utterly disgusting.
Farrukh, Woking, UK
Barclays ought to be blackballed by the British people. I have already closed my accounts with them in disgust at their questionable ethical behaviour and the sheer arrogance of their management level personnel. I had been with them for 30+ years but the business practices and attitudes of the present generation of management make them a national disgrace.
Mark Green, London, UK
We should not expect anything less from a mostly "American" personnel run organisation. Incompetent, greedy and clearly without any morals.
Time for some “senior execs†to retire and cross back across the pond!
Katherine, London,
"Sanctions causing starvation", [i]technic[/i] - are you real, or just a covert Zim. govt. operative, I wonder?) is one of the many silly lies propagated by the regime in power there. Zimbabweans are trying to solve their own problems, but it's difficult to do so when you're raped, tortured or murdered for it.
As for the amount being correct or incorrect, [i]mike[/i] - well, lets' see what any enquiry turns up, shall we? Shouldn't you first be concerned that they're supporting a corrupt, violent (and arguably illegal) regime at all?
Richard Flynn, Huntingdon, UK
It is one thing to sponsor the Premiership but quite another to sponser the regime of a tyrant.
Barclays management who approved and those who condoned these loans should be thoroughly ashamed.
This is the ugly face of capitalism and John Varley should step in right now, freeze any further lending and sack the employees involved.
If he is one of those, then resignation is his only course.
Colin Brightwell, Woking, UK
People in the west are so ignorant its just so amazing. Barclays bank Zimbabwe operates from zimbabwe and has done so for the past 95 years. The deposits from which loans are made, are deposits made by Zimbabweans. Every dividend that Barclays shareholders receive from its zimbabwe operations are from profits made from its operations in zimbabwe. You want the management of the bank to get instructions from you on how to contribute to the economy of zimbabwe. If Barclays discontinues its normal operations in Zimbabwe I'm pretty certain that someone in Zimbabwe will be happy to provide the service. You told the world that EU put in place travel restrictions and now you are admitting they are infact economic sanctions. Sanctions which the UN never sanctioned. 4000 white farmers lost their land and you people are kicking left right and centre and yet when 20000 Ndebeles were masacrred you kept quiet because they are black. Ian smith killed millions of women and children and you kept quiet
mike chipere, belfast, northern ireland
Who are the owners of Barclay's bank?
Chris, London,
Oh dear! I am shocked to read about Barclays involvement in Mugabe's rotten rule.However perhaps we should wait for the whole story and what the bank's involvement really is.(I would be loathe to move away from the bank that has served me with only one tiny blip in 40 years.)If they are found wanting I shall certainly switch banks(as all right-thinking people should!)
H.D., WsM,
It doesn't matter how much Barclays have loaned out. It doesn't matter if Barclays have only 3 or 4 branches in Zimbabwe. It doesn't matter if profits derived amount to less than 1% of total Barclays profits.
One penny earned in this horrid country where this horrid dictator Mugabe has been killing and torturing his own people for so long, is a penny too much.
Barclays is a business in retreat. Its ripe for a takeover now especially as it failed in its bid for ABN Amro and coupled with huge losses in the US sub-prime market.
Barclays is finished as a business and finished morally.
Mario Angeli, Cheshunt,
In my opinion the Barclays Bank is run by nutters and frauders who put profit above human right. It is a discrace for a British bank(officially it is South African origin??) to behave like this.
i will ask all my relatives and friends to close thier Barclays account and move to other provders and there are so many competitors in uk much better than barclays(atleast in morality )
kodees, london, uk
If it is true that Barclays are funding members of the Mugabe regime then it indicates that its core mission is to engage in financial services without regard to human rights issues. In the international financial system it appears that the provision of financial services without regard to human rights is the general rule. If this were not so then perhaps more than half of the world's governments would be in a situation of not having access to global financial services. The example of Zimbabwe and Barclays could be better used to highlight the issue in general terms to bring public pressure to bear on financial institutions that support undemocratic regimes.
The real question is not the nature of Barclays financial activities, but how the Zimbabwe regime has managed to perpetuate itself for decades without attracting the intervention of the international community.
Welcome to the real world.
Gregory Highlights, United Kingdom,
Mike, commenting from Zimbabwe, must work for Barclays.
This is a dreadful and totally undemocratic abuse of position and totally focused on greed.
Are there any more British banks there, acting in a similar manner?
If I had any accounts with Barclays, I would be closing them first thing Monday morning.
David Ryan, Manchester, UNITED KINGDOM
Barclays, your partners in crime? To lend cash to thieves, even though the false excuse may be made that the government made the theft of the farms legal is a poor excuse. Time to close our Barclays accounts.
B J Deller, Marbella, Spain
Barclays does not deserve this criticism.
I believe the article grossly overstates the amount advanced to farmers. Most likely the figure of £750m was derived based on the unrealistic Zimbabwean official exchange rate. Barclays Zimbabwe does not have the capacity to fund a loan book of that size.
Besides, agricultural loans are not funded by Barclays, but by the Reserve Bank of Zimbabwe (RBZ). Barclays, like any other commercial bank operating within Zimbabwe, is disbursing ASPEF loans to farmers on behalf of the RBZ. Banks in Zimbabwe are reluctant to fund agricultural operations as the risk of default is perceived as high.
We should also note that Barclays Zimbabwe operations are largely funded by deposits mobilised from the local market, not offshore credit facilities as implied by this article.
mike, Harare, Zimbabwe
Barclays Bank are a complete and utter embarrassment to The Britsh people,once again the greed driven culture from the board room puts money above lives.
I shall never use this bank for any reason and i hope other people will feel the same.
I've no problem with the bank having branches in the country but to be giving loans to that bunch of nutters is unbelivable,i hope they sleep at night and the sad thing is i bet they do !!
Simon, Brighton, UK
I have disliked Barclays for some time because of their completely useless personal banking, but now I have a whole different reason to dislike them! As someone who lived in Zimbabwe and knows the full picture, the complicity of Barclays with the Zim kleptocracy is a crime of particular nastiness. Zimbabwe has gone from being a very nice little country to being a basket-case, because Mugabe is the last Marxist in town, and because his cronies have been locust-like in stripping the wealth from it. When will a British government stand up for the rights of the Zimbabwean people, and its own interests there?
Andrew Lale, London, UK
I dont see why the world should judge whats going on in Zimbabwe the sanctions the EU has imposed are the ones causing starvation!!! EU should back down, let Zimbabweans solve their own problems and allow free trade.
technic, technic,
Does Barclays also handle Mugabe's private stash of cash which he amassed overseas?
GK, Calgary, Canada
If as Derrick Arlett=Johnson says and Barclays is assisting in a crime after the fact, then the farmers can sue Barclays for compensation.
Stephen, St. Ives, England