The following chart accompanied the article U.S. Banking on South African Apartheid
I wrote that appeared in Liberation News Service, #831, November 20, 1976. I have kept the abbreviations of bank names
as it appeared in the original. Chase is
short for Chase Manhattan, Morgan is short for Morgan Guaranty Trust and Manfrs. Han. is short for Manufacturers Hanover. Although I have adopted web-style forming the
chart is very similar to the original in look and feel. I corrected one typographical error.
Richard Knight
Posted December 2002
[Back to U.S. Banking on South African Apartheid] [Home to richardknight.com]
MAJOR LOANS TO SOUTH
AFRICA BY U.S. BANKS -- 1976 |
|||
Borrower |
Amount |
U.S. Banks |
|
Escom
(Electrical Supply
Commission) |
$200 Million |
Citibank Chase Morgan Manfrs.
Han. |
|
ISCOR
(Iron & Steel
Corp.) |
$80 million |
Chase Citibank Orion |
|
Richard Ray Minerals
(Consortium: IDC (S.A.)
20%, Union Corp. 30%,
Quebec Iron & Titanium
Corp. 40%, S.A. Mutual
Life Assurance 10%) |
$138 million |
Citibank |
|
South African Railways |
$75 million |
Morgan |
|
Foskor
(Phosphate
Development Corp.) |
$30 million |
Manfrs.
Han. |
|
S.A.B.C. (South African
Broadcasting Corp.) |
$20 million |
Citibank |
|
South African Gov’t |
$110 million |
Citibank Morgan Bank of America |
|
S.A. Airways/Railways
(for Boeings) |
$99 million |
European Banking Corp (linked to European American
Banking Corp. U.S. headquarters in
Chicago) |
|
Industrial Development Corp. |
$25 million |
Chase and Export-Import Bank |
|
TOTAL: |
$777 million |
|
|
Note: |
These loans, totalling
$777 million, have been granted to the South African government or to
government-controlled corporations in the first nine months of 1976 alone –
an astronomical loan growth rate for a “high risk” borrower. |
||
* Complied by American Committee on
Africa |
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