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Senior Tory in Zimbabwe share row MPs urged to drop Zimbabwe shares
(about 13 hours later)
Shadow home secretary Dominic Grieve has defended his decision not to give up shares in major firms still operating in Zimbabwe. MPs with shares in British firms who do business in Zimbabwe should "look very carefully at their investment portfolios," a minister has said.
Mr Grieve was among seven MPs named by the Independent on Sunday as having investments in the country. Lord Malloch Brown said legally they had done nothing wrong.
He said the Conservative Party expected firms in Zimbabwe to uphold "the highest ethical standards". But as economic sanctions intensified they might consider ditching the shares as "a matter of conscience and, frankly, good political judgement".
Tory leader David Cameron previously called on Zimbabwe investors to "examine their own responsibilities". Seven MPs, including shadow home secretary Dominic Grieve, are reported to have investments in Zimbabwe.
Mr Grieve owns at least £240,000 worth of shares in companies operating in the southern African country such as Shell, mining firms Rio Tinto and Anglo American and the Standard Chartered bank. Mr Grieve owns at least £240,000 worth of shares in companies operating in the southern African country such as Shell, mining firms Rio Tinto and Anglo American and the Standard Chartered bank, according to The Independent on Sunday.
Mr Cameron, speaking last week, warned that businesses and individuals "must not make investments that prop up the regime". Defending his position, Mr Grieve said: "The Conservative Party has made it clear that companies operating in Zimbabwe must adhere to the highest ethical standards and I fully endorse that view."
Robert Mugabe is expected to be sworn in as the President of Zimbabwe after an election, which drew international condemnation, in which he was the only candidate. 'Move the goalposts'
'Highest standards' But Foreign Office minister Lord Malloch Brown said British firms would find it increasingly difficult to operate in Zimbabwe as international pressure on Robert Mugabe intensified.
He told BBC One's The Andrew Marr show: "These companies until now have been in the law as it currently stands, they shouldn't get the opprobrium for having somehow breached the law or been sanctions-busting.
All of these British and other companies will find that actually the knot is tightening Lord Malloch BrownForeign office minister
"The actions didn't govern the activities they were involved in.
"But now the game is changing. Now, as I've said, everything is on the table and I think you will see, initially, not just deepened measures against these individuals who surround Mugabe, to hit their global wealth wherever it is.
"But you will see measures against companies, international companies that trade with government entities, have government bank accounts.
"I think all of these British and other companies will find that actually the knot is tightening and that a lot of activities they can do until now, they won't be able to do going forward."
The Foreign Office minister said there was "nothing wrong" at the moment with British MPs investing in Zimbabwe.
But he said: "We are going to move the goalposts. I think they, as a matter of conscience and, frankly, political good judgement are going to want to look carefully at their investment portfolios."
'Practical difficulties'
Mr Mugabe is expected to be sworn in as the President of Zimbabwe after an election, which drew international condemnation, in which he was the only candidate.
Lord Malloch Brown is flying to Egypt to join an African Union meeting on the crisis.
He said there were "practical difficulties" for Britain in responding to an Italian call to shut embassies in Harare, because of the 14,000 British citizens currently in Zimbabwe. But he said all measures were being considered.
"You start with political and economic pressures and you work up through the repertoire, but what you cannot accept is the status quo continuing. President Mugabe has to go."
'Not proud'
Other firms operating in Zimbabwe in which MPs have shares are Barclays, BP and Tesco.Other firms operating in Zimbabwe in which MPs have shares are Barclays, BP and Tesco.
Mr Grieve said: "The Conservative Party has made it clear that companies operating in Zimbabwe must adhere to the highest ethical standards and I fully endorse that view." Shadow transport minister Robert Goodwill, who was also one of the named MPs, told the Independent on Sunday he "did not feel particularly proud to be a Barclays shareholder".
Shadow transport minister Robert Goodwill, who was also one of the named MPs, told the newspaper that he "did not feel particularly proud to be a Barclays shareholder".
Mr Goodwill said it was better to bring pressure to bear as a shareholder but added that it was "not a very good time" to sell the shares.Mr Goodwill said it was better to bring pressure to bear as a shareholder but added that it was "not a very good time" to sell the shares.
Meanwhile shadow business minister Jonathan Djanogly, who owns shares in Barclays, BP, Shell and Tesco, said shareholders "should be encouraged to make representations".Meanwhile shadow business minister Jonathan Djanogly, who owns shares in Barclays, BP, Shell and Tesco, said shareholders "should be encouraged to make representations".
Totnes Tory MP Anthony Steen said he was unaware of the Zimbabwe links to his investments in Unilever and Shell.Totnes Tory MP Anthony Steen said he was unaware of the Zimbabwe links to his investments in Unilever and Shell.
The other MPs listed were Tories Tim Boswell (Barclays and Tesco) and Sir John Stanley (Shell) and Liberal Democrat MP Sir Robert Smith (Rio Tinto and Shell).The other MPs listed were Tories Tim Boswell (Barclays and Tesco) and Sir John Stanley (Shell) and Liberal Democrat MP Sir Robert Smith (Rio Tinto and Shell).
Conservative leader David Cameron has previously called on Zimbabwe investors to "examine their own responsibilities".
Speaking last week, he warned that businesses and individuals "must not make investments that prop up the regime".