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Rautenbach can't sell Camec stake to ENRC till UK Treasury approves

October 07, 2009 - 11:44 GMT Location: London

KEYWORDS: billy rautenbach , rautenbach , camec , enrc , josephine mason

Rautenbach cannot sell Camec shares to ENRC until approval from UK Treasury

The Zimbabwean businessman paid a $5-million fine to settle a ten-year legal battle in South Africa last month, which allowed him to travel there again, but he is still subject to sanctions in the European Union and USA for his alleged links to Robert Mugabe’s regime in Zimbabwe. Those sanctions will prevent him selling shares worth almost $70 million until the UK Treasury gives the go ahead, MB understands. Any transfer of assets and/or funds within the UK that are owned by anyone under sanction would need to be approved by the Treasury’s asset freezing unit. Anyone listed on the sanctions list must apply for a licence to transfer funds. They would also not be able to access any funds. ENRC has set up a special oversight committee comprised of non-US managers to...

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