A British government minister yesterday refused to comment on the investments of Old Mutual and other British companies in Zimbabwe saying this was due to the need to respect commercial confidence.
Michael Fallon, the Minister of State for Business and Enterprise, had been asked by Member of Parliament Kate Hoey about any business links Old Mutual, which is listed in London, Johannesburg and Harare, or any other British company, had with the Zimbabwe Mining Development Corporation or its subsidiaries.
ZMDC, the state mining company, has become one of the key diamond players in Marange through its subsidiary Marange Resources.
It is under both European Union and United States sanctions.
Fallon also said his department was not carrying out any investigation into links between companies listed on the Financial Times Stock Exchange with the ZMDC.
The Q and A:
Kate Hoey: To ask the Secretary of State for Business, Innovation and Skills what assessment he has made of any business links between (a) Old Mutual PLC and (b) UK companies and the Zimbabwean Mining Development Corporation or its subsidiaries. [120716]
Michael Fallon: I cannot comment on individual UK firms due to the need to respect commercial confidence. The Zimbabwe Mining Development Corporation (ZMDC) is a designated entity under EU Regulation 77/ 2009 that imposes, sanctions against certain individuals and entities in Zimbabwe. HM Treasury is responsible for the implementation of financial sanctions against designated entities.
Kate Hoey: To ask the Secretary of State for Business, Innovation and Skills whether his Department (a) is undertaking and (b) plans to undertake any investigation of links between UK FTSE 100 listed firms and the Zimbabwe Mining Development Corporation. [120718]
Michael Fallon: This Department is not undertaking such an investigation. The Zimbabwe Mining Development Corporation (ZMDC) is a designated entity under EU Regulation 77/2009 that imposes sanctions against certain individuals and entities in Zimbabwe. HM Treasury is responsible for the implementation of financial sanctions against designated entities.
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