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German Bank Attempted to Seize Chinese Arms Ship
Spiegel ^ | April 22, 2008 | By Karl-Ludwig Günsche in Cape Town

Posted on 04/23/2008 5:37:27 AM PDT by DeaconBenjamin

A Chinese ship filled with arms for Zimbabwe is drifting somewhere off the coast of Africa, after South African dock workers refused to handle the goods. Now it has emerged that the German KfW development bank attempted to seize the ship while it was in Durban.

In Durban, South Africa, last Friday, the captain of the Chinese cargo ship the "An Yue Jiang" hastily hoisted anchor. A High Court order had just barred the ship's 70 tons of weapons and ammunition meant for Zimbabwe's dictator, Robert Mugabe, from being transported across South Africa.

But Captain Sanaijun was even more afraid of something else: Germany's state development bank, KfW. It seems the High Court had issued another order to seize the cargo, spurred by a complaint from KfW.

The news had barely broken that the ship had docked when the bank secured a confiscation order for the goods. "At the time," KfW spokesman Michael Helbig said to SPIEGEL ONLINE, "the nature of the cargo was not precisely known." He insisted that "at no time and under no circumstances" would the bank have accepted weapons to enforce the repayment of loans to the Zimbabwean government.

The development bank had approved millions of dollars in loans to the Zimbabwean state-owned Iron & Steel Company in 1998, to set up a new steelworks, and again in 2000 to increase the stock. Helbig said the Zimbabwean government had guaranteed the loans.

* * *

On Friday, though, before the cargo could be seized, the Chinese ship slipped out of port. Since then Captain Sanaijun has been on the run and his ship has been at large. Trade unions around the world have mobilized to prevent his cargo from being unloaded anywhere.

(Excerpt) Read more at spiegel.de ...


TOPICS: Business/Economy; Foreign Affairs; Government
KEYWORDS: banglist; china; germany; mugabe; zimbabwe
Interesting.
1 posted on 04/23/2008 5:37:28 AM PDT by DeaconBenjamin
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To: DeaconBenjamin

Germany’s state development bank, KfW. It seems the High Court had issued another order to seize the cargo, spurred by a complaint from KfW.

The news had barely broken that the ship had docked when the bank secured a confiscation order for the goods. “At the time,” KfW spokesman Michael Helbig said to SPIEGEL ONLINE, “the nature of the cargo was not precisely known.”

.
Look before you leap.


2 posted on 04/23/2008 5:46:55 AM PDT by Son House (God Enlightened me through Charles Gibson, the top Income Tax Rate Should be 15% too!)
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To: DeaconBenjamin

They should have accepted weapons as an asset - considering how much trouble they had with mortgage ‘securities’....


3 posted on 04/23/2008 5:47:31 AM PDT by Rummenigge (there are people willing to blow out the light because it casts a shadow)
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To: DeaconBenjamin
Loan money to Zimbabwe for steel factories????????

That's like loaning loaded machine guns to chimpanzees.

4 posted on 04/23/2008 5:47:32 AM PDT by blackdog
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To: blackdog

It’s like loaning money to a crackhead.


5 posted on 04/23/2008 5:49:31 AM PDT by AppyPappy (If you aren't part of the solution, there is good money to be made prolonging the problem.)
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To: blackdog
That's like loaning loaded machine guns to chimpanzees.

Coolest Reality show ever. I am so going to get that green-lit.

6 posted on 04/23/2008 5:50:12 AM PDT by agere_contra
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To: DeaconBenjamin

Hey Captain Sanaijun, just bring your ship to Maine, our governor loves commies. He entertains charvez and went to visit castro. Just bring your ship to Maine were you’ll be protected by Gov. John Elias Baldacci and our good boys and girls in the state police and national guard.


7 posted on 04/23/2008 6:01:23 AM PDT by deuteronlmy232 ("In the beginning God created the heavens and the earth" God 5,000 years ago to Moses.)
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To: DeaconBenjamin

What is this? International Repo-men?


8 posted on 04/23/2008 6:23:34 AM PDT by BuffaloJack
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To: DeaconBenjamin

Sink it


9 posted on 04/23/2008 8:20:38 AM PDT by wastedyears (The US Military is what goes Bump in the night.)
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To: Son House
Arms = goods
that has got to be a mistake.
10 posted on 04/24/2008 3:26:42 PM PDT by Steve Van Doorn (*in my best Eric cartman voice* 'I love you guys')
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