Financial Times FT.com

Not worth the paper it's printed on

Published: July 4 2008 03:00 | Last updated: July 4 2008 03:00

Management blog (Adam Jones): Under pressure from the German government, Giesecke & Devrient has agreed to stop supplying Robert Mugabe's despotic and incompetent regime with banknote paper. Hyperinflation has forced the Zimbabwean central bank to print more and more banknotes, a trend that fuelled demand for the German group's wares.

Here is an excerpt from the company's press release: "The company has taken this step in response to an official request from the German government and calls for international sanctions by the European Union and United Nations. 'Our decision is a reaction to the political tension in Zimbabwe, which is mounting significantly rather than easing as expected, and takes account of the critical evaluation by the international community, German government and general public,' explains Dr Karsten Ottenberg, chairman of the management board and CEO of Giesecke & Devrient."

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