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Vol 49 No 23

Published 14th November 2008


Zimbabwe

Mutual aid

President Robert Mugabe initially responded to the world's financial crisis with more than a touch of Schadenfreude. This has given way to panic as the implications become clear. For years, the Reserve Bank has been buying Old Mutual shares on the Harare Stock Exchnge and transferring them to Old Mutual's Johannesburg share register. In September, 670,000 Old Mutual shares were transferred from Zimbabwe to South Africa in this way and probably more in October. These have been held largely by Eskom Pension Fund as security against payments for electricity supplied to Zimbabwe.

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