We hereby petition the President of United States to direct Citibank and Standard Chartered Bank to cease doing business with AfreximBank in Africa and EximBank of India. EximBank of India has been continually supporting and sustaining brutality in Zimbabwe by providing financial aid for military equipment which is being used to suppress the people of Zimbabwe. AfreximBank has been backing the Zimbabwe regime’s unpopular alternative to legal tenders called “Bond Notes” which will reduce Zimbabweans to absolute paupers. We believe Congress granted the President authority to restrict such actions by US registered companies through the Zimbabwe Democracy and Economic Recovery Act of 2001.
AfreximBank as a Financier of Despotism in Zimbabwe
The Zimbabwe Government has announced that it intends to put into circulation a legal tender they term “Bond Notes” which they claim are equivalent to the US dollar and would be backed by AfreximBank. Our history is littered with examples of financial despotism and arbitrary expropriation of people’s wealth through currency manipulation by the Mugabe regime. From 2001-2009 this government printed worthless paper which they used to extract wealth from people. Through currency fixing and sheer disregard of financial prudence the citizens of Zimbabwe were reduced to paupers by their own government.
Zimbabweans do not want to go down the same path and have rejected these “Bond Notes” , the Zimbabwe government has been adamant. The Reserve Bank of Zimbabwe which has a history of quasi-fiscal recklessness is pushing this project. Citizens of Zimbabwe have been peacefully resisting the initiative but have been met with severe state repression and wanton incarceration. AfreximBank’s disregard of Zimbabwean people’s objections makes it an accomplice of the Zimbabwean Government.
Exim Bank as Financier of Brutality
The Exim Bank of India financed the supply of 633 military vehicles to the Zimbabwe military establishment through Ashok Leyland. The supply was disguised as a consignment to the Ministry of Tourism for anti-poaching but a number of these vehicles have already been used by the army and police to suppress dissent. The deal was worth $50 million.
The relationship between Citibank, Standard Chartered Bank and AfreximBank
Citibank and Standard Charterd Bank are class C shareholders in AfreximBank. They share in the profits made from the business. In this same class is Exim Bank of India. Mr Anil Dua seconded by Standard Chartered Bank sits in the same board of Directors as Reserve Bank of Zimbabwe Governor Dr John Mangudya.
CitiBank, Standard Chartered Bank , EximBank of India Axis
Citibank has benefited from its relationship with EximBank of India for example in 2004 Exim Bank appointed Citigroup to sell its 5-year bonds on the overseas market. Both Citigroup and Standard Chartered Bank are book runners for Exim Bank’s international bonds.
How are Citizens of United States of America indirectly funding a dictator
Citigroup is listed on the New York Stock Exchange and has a market cap of $136.47 Billion. Most of its common stock shares are owned by US citizens either directly or through mutual funds especially from retirement savings like 401K. With Citigroup purchasing shares in AfreximBank, it means any proceeds from the treasury notes and loans offered to the Zimbabwe Government will also end up in American banks. It might appear as a good return on investment but this is profiteering from the blood and suffering of innocent citizens of Zimbabwe.
We as the People of Zimbabwe, are asking the people of United States Of America, to stand with us as we pursue a path to human dignity and freedom. We ask you to sign this petition and get it to a threshold that can grant us visibility with The WhiteHouse.
You can sign the petition here: Petition To The White House