Shaazia Ebrahim |
A number of international banks funded the apartheid regime and its military through credit. It has been one year since Open Secrets, along with the Centre for Applied Legal Studies (CALS), demanded accountability from the international banks in Belgium and Luxembourg that financed apartheid. The organisations submitted a complaint to the Organisation for Economic Co-operation and Development (OECD) National Contact Points (NCPs) in Belgium and Luxembourg April 24 and 26, 2018.
Open Secrets and CALS found last year that two European banks, Kredietbank Group (KBC) and Kredietbank Luxembourg (KBL), were front and centre of the apartheid State’s international arms money laundering machinery. However, the decision on whether or not their complaints would be investigated has been postponed a number of times.
The decision was initially supposed to be announced by the end of July last year, three months after Open Secrets and CALS laid the complaint.