The Irish Anti-War Movement

An article from  Sunday Tribune.
Mark Hilliard

More than half a billion euro has been invested onbehalf of the Irish taxpayer in Zimbabwe-based companies, despite calls by the government last week for further sanctions against Robert Mugabe's 'illegitimate' regime.

The Sunday Tribune has learned that the State's National Pension Reserve Fund (NPRF) has invested over €578m in a variety of Zimbabwe-based companies.

The NPRF was set up in April 2001 to invest money on behalf of the state in order to meet the costs of social welfare and public service pensions in the future.

 
According to the non-government organisation, Progressio, the NPRF has invested in shares in 14 companies operating in the country.  Investment in Zimbabwe accounts for over 3% of the total fund.

The investments include one in Barclays Bank, which was last year criticised for lending nearly €1bn to those who had been given land after estates were forcibly taken from white farmers in Zimbabwe and redistributed to those loyal to Mugabe. Barclays received nearly €27m investment from the fund.

The NPRF also sunk €6.5m into the Anglo American Corporation Zimbabwe
Ltd, the company which was last month exposed as preparing to invest
over €250m in a platinum mine in the country at the height of
international debate on future sanctions.

A further €14.5m of the pensions fund has gone into BAE Systems, the
notorious arms company that has been criticised for supplying Mugabe's
regime with parts for fighter jets.

British Petroleum, Nestle and British American Tobacco were also
listed as companies that have received investment from the fund.

The investment in Zimbabwe companies, many of which have helped prop
up the Mugabe regime, should be reviewed, according to Progressio.

'If the companies are not willing to pull out of Zimbabwe, then we
would call on the Government to divest from them,' said advocacy
officer Emmet Bergin.

'The first step is that we would be looking for the National Pensions
Reserve Fund (NPRF), as shareholders in the companies, to examine the
ways in which the companies are operating in Zimbabwe.

The NPRF refused to commentwhen contacted by the Sunday Tribune.

Foreign Affairs Minister Micheál Martin last week backed sanctions
against Zimbabwe.

'I would strongly support the imposition of further EU measures on
those responsible for directing the recent political violence, and
would also support UN sanctions as proposed by the US, while avoiding
any additional exacerbation of the dreadful economic situation which
the long suffering people of Zimbabwe have had to endure on a daily
basis for far too long,' he told the Dáil.

He was unavailable for comment yesterday on the extent of Ireland's
pension Ireland's relationship with Zimbabwe, which also includes
regular trade between the two countries, was criticised by Fine Gael
and Labour last week.

Labour's foreign affairs spokesman Michael D Higgins said that in
light of recent events it is time the State re-examined its investment
in Zimbabwe-based companies.

'I think that it should examine the use of its fund and the
implications and if the benefit is to the Government (in Zimbabwe)
rather than the people then they should consider withdrawing it,' he
said.

Fine Gael's Foreign Affairs spokesman Billy Timmins said that to
continue trading with Zimbabwe would be tantamount to supporting
Mugabe's Zanu-PF party.

'Any investment, no matter how big or small, in Zimbabawe, be it in
Sate of private companies, is propping up the regime,' he told the
Sunday Tribune.

'I would call on Ireland to break off all political and economic links
with Zimbabwe.'

According to figures obtained by the Sunday Tribune, Ireland has
traded over €12m worth of various goods with Zimbabwe in the past five
years.

Ireland's biggest exports to Zimbabwe consist of office and data
processing machines, medical and pharmaceutical products and chemical
materials.

July 6, 2008