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Article

18 May 2003

Author:
Nicol degli Innocenti and John Reed, Financial Times

The shadow of apartheid

The emotionally fraught case...is viewed by many as preparing the way for big claims against multinationals for past dealings with discredited regimes...The suits [brought in U.S. courts] allege that banks including UBS, Credit Suisse and Citigroup, extended high interest loans to the apartheid regime, in contravention of international sanctions; that carmakers including DaimlerChrysler built armoured vehicles for the security forces that terrorised the black majority; and mining companies such as Anglo American and De Beers profited from apartheid by exploiting the low-paid workforce the system guaranteed.

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