Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Zimbabwe bank to safeguard diamonds

HARARE, Jan 27 – Zimbabwe\’s Supreme Court has ordered the central bank to safeguard millions of dollars\’ worth of diamonds from a mine where the military is accused of killings and forced labour, a lawyer said Wednesday.

The latest ruling stems from an ownership battle over the mines in eastern Zimbabwe, with a British firm and a government mineral corporation locked in a tug-of-war over the valuable deposits.

"The chief justice said the diamonds should be kept by a neutral party pending the resolution of an ownership dispute which is before the court," said Jonathan Samkange, lawyer for British firm African Consolidated Resources (ACR).

"The Supreme Court court ordered that the all the diamonds extracted from African Consolidated Resources by the the Zimbabwe Mining Development Corporation be returned," Samkange told AFP.

The company is embroiled in a legal fight with the government-owned Zimbabwe Mining Development Corporation over the ownership of Chiadzwa diamond fields in the country\’s eastern Marange districts.

The government mining corporation began mining diamonds in Chiadzwa while ACR was contesting the cancellation of its mining licence in 2007.

Samkange said the court order affects 129,000 carats of diamonds, including gems mined by ACR and seized by police as well as all the precious stones mined since.

The minefields attracted the attention of rights groups after reports of beatings and deaths of illegal gold panners by security forces.

Rights groups have been lobbying for a ban on Marange diamonds, after a team from the Kimberley Process against "conflict diamonds" rebuked security forces deployed at the minefields for gross human rights violations.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...