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Report examines how companies can trade on UK stock markets regardless of conduct in conflict zones

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Company non-response
8 August 2012

ENRC did not respond to: Report examines how companies can trade on UK stock markets regardless of conduct in conflict zones.

Company non-response
8 August 2012

London Stock Exchange did not respond to: Report examines how companies can trade on UK stock markets regardless of conduct in conflict zones

Company non-response
8 August 2012

Seymour Pierce did not respond to: Report examines how companies can trade on UK stock markets regardless of conduct in conflict zones.

Article
19 July 2012

Spotlight on the London Stock Exchange

Author: Richard Lee, Open Society Initiative for Southern Africa (OSISA)

In a damning report...Rights and Accountability in Development (RAID) catalogues the inadequacies of the London Stock Exchange’s regulatory framework...[The] report focuses on how the notorious Central African Mining and Exploration Company plc (CAMEC) [now owned by Eurasian Natural Resource Corporation (ENRC)] was allowed to trade and flourish on London’s junior Alternative Investment Market (AIM) [part of London Stock Exchange]...RAID’s report is the first systematic examination of the extent to which corporate conduct in zones of conflict such as the Democratic Republic of the Congo (DRC) is taken into account by stock market regulations...[also refers to Seymour Pierce Limited] [Business & Human Rights Resource Centre invited the companies criticised in the report to respond. London Stock Exchange declined to respond. ENRC & Seymour Pierce did not respond.]

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Article
19 July 2012

[PDF] Asset laundering and AIM: Congo, corporate misconduct and the market value of human rights

Author: Rights & Accountability in Development (RAID)

This report sets out the history of CAMEC’s [now owned by Eurasian Natural Resources Corporation (ENRC)] listing on the London Stock Exchange’s Alternative Investment Market (AIM) in the context of the unresolved legacy of the wartime mining contracts awarded by the government of the Democratic Republic of the Congo (DRC)...[It]...is the first systematic examination of the extent to which corporate conduct in zones of conflict is taken into account by stock market regulations, and of whether existing rules are adequately enforced. Inadequate due diligence, both before and after admission to AIM, is one of the major failings identified in the report...The report questions the effectiveness and good faith implementation of AIM’s regulatory regime...[and]...concludes with recommendations for the British Government...This report supplements a...complaint submitted by RAID in June 2011 to AIM Regulation...AIM has refused to enter into a dialogue about the issues raised. [also refers to Oryx, Kababankola Mining Company, Gécamines, Tremalt, International, Prairie International Limited, Central Mining Group, Ridgepoint, Societé Miniere de Bakwanga, Operation Sovereign Legitimacy (OSLEG), Shaford, Congo Colbat Corporation (CCC), Boss Mining, Petra Diamond, DRC Resources Holdings, Nikanor, Konkola Copper Mines, Glencore]

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Article
19 July 2012

[PDF] The London Stock Exchange – A haven for laundered conflict assets?

Author: Rights & Accountability in Development (RAID)

In a report...Asset laundering and AIM: Congo, corporate misconduct and the market value of human rights,...Rights and Accountability in Development (RAID) catalogues the inadequacies of the London Stock Exchange’s regulatory framework. The Central African Mining and Exploration Company plc (CAMEC) was allowed to trade and flourish on London’s junior Alternative Investment Market (AIM) despite its close links to Robert Mugabe’s ZANU PF party (Zimbabwe)...“AIM’s lack of transparency means there is a black hole at the heart of its regulatory system”, said Tricia Feeney, RAID’s Executive Director..."London appears to be playing host to a number of companies that flagrantly flout the UK’s wider commitment to business and human rights", commented Lisa Nandy MP, Chair of the All Party Parliamentary Group on International Corporate Responsibility...

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Article
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Author: Rights & Accountability in Development (RAID)

Le présent rapport retrace l’historique de l’inscription de CAMEC à l’Alternative Investment Market (AIM) de la Bourse de Londres avec pour toile de fond la question non résolue des contrats miniers octroyés en temps de guerre par le gouvernement de la République démocratique du Congo (RDC)...Les Principes directeurs de l’ONU relatifs aux entreprises et aux droits de l’homme reconnaissent le risque accru de violations caractérisées des droits de l’homme dans les zones touchées par des conflits et appellent les États à vérifier si leurs politiques, règlements et mesures d’application parent efficacement à ce risque. Le présent rapport de RAID et ses recommandations suggèrent des moyens de restaurer la confiance dans l’intégrité des marchés britanniques. [se réfère également à Oryx]

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