Author: Publisher

  • Actis Weighs Sale of BCR

    Actis LLP, a London-based private- equity firm investing in Africa, Asia and Latin America, may sell its Rwandan bank to Kenyan lenders.

    Banque Commerciale du Rwanda, based in Kigali, the capital, is “a natural acquisition for one of the bigger East African banks wanting to expand their footprint,” Peter Schmid, Actis’s head of Africa, said in a May 12 interview at the firm’s London office. “That’s a probable exit scenario. ”

    Actis, which has $4.6 billion under management, bought an 80 percent stake of BCR in 2004 in a deal valuing the company at $6 million. The Rwandan government kept the rest of the previously state-owned bank. Kenyan lenders including Equity Bank Ltd. (EQBNK) and Kenya Commercial Bank Ltd. (KNCB) are expanding across East Africa, opening branches in Rwanda, Tanzania, Uganda and southern Sudan, as the region’s economies grow.

    The Rwandan investment was Actis’s first in the country. Gross domestic product has expanded an average 7.5 percent annually from 2004 and 2009, according to the World Bank. About 30 percent of Actis’s capital is invested in Africa, Schmid said.

    The Rwandan Stock Exchange “is a bit small for now” to list for an investment exit, Schmid said.

    Rwanda held its first initial public offering in November when the state sold 25 percent of Brassieries et Lemonaderies du Rwanda SA, a unit of Heineken NV (HEIA), the world’s third-biggest brewer. The stock is the only company listed on the Rwandan Stock Exchange, which started trading on Jan. 31. Kenya Commercial Bank and Nairobi-based Nation Media Group Ltd., East Africa’s biggest media company, are listed on an over-the- counter exchange.

    BRC increased profit almost four-fold in the nine months through September on reduced costs and higher revenue, Managing Director Sanjeev Anand said in December. Net income climbed to 1.7 billion Rwandan francs ($2.8 million) from 433 million francs a year earlier as sales rose 12 percent to 8.5 billion francs, he said. The bank expects full-year net income of 2.2 billion francs, Anand said.

    In 2004, Actis was spun out of CDC Group Plc, a U.K. government-owned investor in developing markets that was originally started 60 years ago as the Colonial Development Corp., to raise money from government, insurers and pension funds to invest in African and Asian companies.

  • Indian firm to invest US$1b in Rwandan Gold, Diamonds

    Rajesh Exports Ltd., India’s largest jewelry maker and exporter, said it may invest as much as $1 billion in Rwanda over the next five years developing the country’s gold industry and building a diamond-trading business.

    The company, based in Bangalore, India, is in talks with Rwanda’s government about proposals that include establishing a gold refinery within six months, Ravi Chandra, the company’s chief executive officer for mining, said in an interview in Kigali.

    Most of the gold mined in Africa is currently exported to South Africa or Europe for processing, Chandra said. Rajesh Exports is seeking to make Rwanda a continental hub for gold processing over the next three to five years.

    “Our aim is to try to bring the gold from most of Africa to Rwanda,” Chandra said.

     Rajesh has begun exploring a 2,000 square-kilometre gold concession in Rwanda that it wants to increase to 15,000 square kilometres, Chandra said. Eventually the company plans to export products including jewelry and coins. It also intends to set up a diamond business that may involve importing and exporting the gems as well as cutting and polishing, he said, without providing further details.

    Talks between the company and the Rwandan government are “still very exploratory” and may take six months to complete, Clare Akamanzi, chief operating officer of the Rwanda Development Board, said in an interview. The projects envisaged by the company may cost $500 million to $1 billion, she said.

    Rajesh Exports is also working with the Rwandan government to establish a legal way to import gold from neighbouring Democratic Republic of Congo. In March, Rwanda banned the purchase of so-called conflict minerals including gold, tungsten, coltan and tin from Congo after the U.S. passed a law aimed at halting the trade.

    The Dodd-Frank law will require American companies to report any purchases of gold, tin, tungsten and tantalum that might have come from conflict zones in Congo, according to a draft of the regulations on the U.S. Securities and Exchange Commission’s website. Fighting has raged in eastern Congo for more than 15 years and armed groups often support themselves by taxing or trading in minerals.

    “We are hopeful to find a legal solution,” Chandra said.

  • Swiss firm advances Rwf 591 million to Urwego Opportunity bank

    responsAbility Social Investments AG, an investment company based in Switzerland recently made local-currency loans totalling the equivalent of USD 2 million to microfinance institutions (MFIs) Middle East Micro Credit Company (MEMCC) of Jordan and Urwego Opportunity Bank (UOB) of Rwanda.

    rAMLF invested approximately RWF 591 million (USD 999,000) in UOB. Created as a result of a merger between Urwego Community Banking
    and Opportunity International Bank of Rwanda, UOB is a microfinance institution
    headquartered in Kigali, Rwanda. Its services include loan and savings
    products, business training, HIV/AIDS training and insurance coverage. UOB’s
    shareholders include nonprofit organizations Hope International, Opportunity
    International, World Relief and World Relief Canada. In 2009, UOB reported to
    US-based, nonprofit Microfinance Information Exchange (MIX) total assets of USD
    10.8 million, a gross loan portfolio of USD 6.4 million, return on assets (ROA)
    of -6.57 percent, return on equity (ROE) of -16.5 percent and 33,900 borrowers.

    Founded in 2003, responsAbility Social Investments AG is a Swiss investment company whose products aim to enable investors to earn a financial return while assisting people in emerging markets to access information and markets in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. According to calculations based on data from the Microfinance Information Exchange (MIX) from 2009 and 2010, responsAbility manages approximately USD 800 million in total assets. responsAbility is backed by Swiss financial institutions and a social venture capital company as founders and shareholders including Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG as well as George Avenue.

    The responsAbility Microfinance Leaders Fund (rAMLF) invests in large microfinance institutions (MFIs) through debt securities and equity investments. rAMLF reported to the US-based, nonprofit Microfinance Information Exchange (MIX) that it had USD 160 million in fund assets as of 2010. LuxFLAG, an independent organization that certifies that microfinance vehicles actually invest in the microfinance sector, renewed rAMFL’s label in March 2011.

     

  • Firm announces initial gold drill project results

    A gold mining firm, Simba Gold Corp, has announced initial drill results from the Miyove gold project, which is owned by Rogi Mining Limited, that the Company has an option to acquire. The Miyove gold project is located in northern Rwanda and comprises 2,937 hectares over the largest historic gold-producing areas in Rwanda.

     Highlights of the drill program to date include 24.69 metres averaging 0.61 grams per tonne (g/t) gold, including 7.54 metres grading 1.12 g/t gold in hole MY-11-02 and 1.21 g/t gold over 5.58 metres, including 2.15 g/t gold over 2.57 metres in hole MY-11-05.

     In March 2010, the Company completed its Qualifying Transaction granting it the right to purchase up to 100% of the issued and outstanding shares of Rogi in exchange for a total of up to US$2.75-million in cash and the issuance of up to 5.7 million shares to Rogi’s shareholders over a period of five years. Rogi mobilized a 3,000-metre drill program on the Miyove gold project in December 2010 and drilling commenced early in January 2011.

    The Miyove gold project comprises three mineralised corridors, Karenda, Baradega and Masogwe all of which lie along a northwest – southeast mineralized trend over a six kilometre stretch. Drilling to date has focused on the Karenda zone, an area of historic production, and in particular on gold mineralization beneath previous trenches (2006-2009), gold mineralization based on an approximation of the 1980s United Nation drilling and on geological targets. To date, 1,279 metres have been completed in ten holes, from five drill sites. Drilling has been difficult on the Karenda Zone due to strongly oxidised and weathered rock conditions, complications with old workings and limitations of the drill equipment. The Company has received assay results for holes 1, 2, and 4 and partial results for holes 3 and 5.

    The Miyove gold project is underlain by rocks of the central African Mesoproterozoic-aged Kibara orogen that extend from Katanga (Democratic Republic of Congo) in the south, to southern Uganda in the north. The Kibaran geology on the property consists of shale, siltstone, sandstone and rare conglomerate units. Mineralization is associated with multiple northwest-southeast-trending gold-bearing quartz veins and stockworks, and associated wall rock alteration comprising kaolinization and iron oxidation.

    Rogi is well established in Rwanda, and complemented by contract personnel who have experience and knowledge in the country and the ability to conduct efficient and effective exploration programs. Samples were sawn and collected from the diamond drill holes and delivered by the Company to SGS Minerals Services, Mwanza, Tanzania. SGS undertook sample preparation and analysis for gold by fire assay with an atomic absorption finish on 30-gram samples. To date only gold assays have been received, however multi-element analysis will follow shortly.

    Simba is an African-focused gold exploration company with an option to acquire a company that owns gold exploration rights within the Gicumbi, Burera, Rusizi and Nyamasheke Districts, and nickel exploration rights within the Kirehe District of the Republic of Rwanda. Simba’s principal property is the Miyove Gold Project located in the Gicumbi and Burera Districts.

     

  • Rwandan woman identifies Kobayaga in genocide

    A woman whose husband and three young children were slaughtered during the 1994 Rwandan genocide cried Thursday, 12 May, 2011, as she identified from the witness stand Lazare Kobayaga she contends led a mob attack up a mountain where she and many others had sought refuge from the ethnic carnage that was sweeping Rwanda.

    Her account was the most emotional yet as the trial of Kobagaya entered its fifth day of testimony in a federal courtroom in Wichita, U.S. The government is seeking to revoke his U.S. citizenship for allegedly lying to immigration authorities about his involvement in the genocide.

    The 84-year-old genocide suspect is charged with unlawfully obtaining U.S. citizenship in 2006 with fraud and misuse of an alien registration card in a case prosecutors have said is the first in the United States requiring proof of genocide. Kobagaya contends he is innocent.

    An estimated 500,000 to 800,000 people were killed in Rwanda between April and July 1994. Most of the dead belonged to an ethnic group known as the Tutsi, while most of the killings were carried out by members of an ethnic group known as the Hutu.

    Valerie Niyitegeka, a Tutsi woman whose family farmed near Kobagaya’s village, recounted for jurors the events of April 15, 1994, when she, her husband, Appolloni, and their six children fled as mobs of Hutu men burned Tutsi houses.

    “I was OK for my house to be burned _ as long as I am not dead,” she testified through a translator.

    Niyitegeka detailed how she climbed _ and at times crawled _ up the steep, rocky mountainside of Mount Nyakizu with her youngest son strapped to her back. She described how the women and children gathered piles of stones for their men to throw as mobs of Hutus attacked.

    She told jurors she was able to identify the elderly Kobagaya as the leader of the attacking mob because she recognized the way he walked and the cane he carried that day. She pointed at him in the courtroom : “He is there. He is the one.”

    The defense tried to cast doubt on that identification by noting trees and other obstructions on the mountain that day.

    During the melee as the family fled the mountain in the ensuing days, Niyitegeka was separated from her husband and three of her children. She testified she would never see them alive again. Their slain children’s ages were 12, 10 and 8.

    Joseph Yandagiye, a 76-year-old Hutu farmer, testified about what happened to the children and their father, who sought refuge at Yandagiye’s house. After taking them in, Yandagiye went to run some errands. When he returned, he said he found a crowd of Hutus had already surrounded his house.

    Yandagiye testified that when the crowd threatened him in an attempt to get into the house, Appolloni came out and told the mob : “Take me instead.”

    Yandagiye also told jurors he initially followed the mob that had taken Appolloni and his children, but turned back after they told him they would make him kill them himself if he continued to follow.

    Later that day, a group of Hutu men came to get him too, Yandagiye testified. It was then that he learned that Appolloni and his children had been killed.

    Yandagiye testified that Kobagaya told the mob that they should kill him too because he had sheltered Tutsis in his house during a 1959 conflict. Yandagiye said another community leader, Francois Bazaramba, urged the crowd not to kill him but to punish Yandagiye by making him buy beer, which he did.

    Bazaramba is a former Rwandan pastor who was sentenced last year to life imprisonment by a Finnish court for committing genocide.

  • Rwanda cleric pardons genocide crimes

    The Rev. Ubald Rugirangoga was counseling inmates in a Rwandan prison in the wake of the country’s 1994 genocide when he was forced to truly practice what he was preaching. 

    His mother, brother, and around 70 members of his extended family had been killed in the slaughter that claimed more than 800,000 lives, mostly minority Tutsis, over 100 days, at the hands of Hutu extremists.

    Speaking mostly through an interpreter Tuesday to the Worcester County Bar Association, the priest said the man who killed his mother happened to be in the prison, but he didn’t know who he was. He said the man sought him out and explained what he had done. He asked Rev. Rugirangoga for forgiveness. 

    “It was difficult,” he said. “I had preached to forgive, and I had to practice what I was preaching, so I had to search deep down in my heart. And I went up to him and I told him, I forgive you.” 

    Even though he forgave him, the man who killed his mother still had his doubts. To further prove his forgiveness, Rev. Rugirangoga reached out to the man’s children, who were left without parents after the man’s wife died. Rev. Rugirangoga said that after forgiving the man, all the pain and anger just left. 

    “I was free,” he said. 

    Speaking in the jury pool room at the Trial Court building on Main Street, Rev. Rugirangoga told another story of forgiveness, in which a Tutsi woman took in the daughter of a girl, even though the girl’s Hutu father murdered most of her family. The two families had been neighbors, Rev. Rugirangoga said. The woman’s surviving son at first didn’t understand why the woman would take in the daughter of the man who made her a widow, but later he came around. And in a surprising twist, he ended up marrying the girl years later. 

    Rev. Rugirangoga has been running schools in Rwanda where he mixes children of victims of the genocide and children of perpetrators of the genocide. 

    He said it’s important to start early with children. He said the government has used his schools as a model. 

    “I try to bring them together,” he said. “Hopefully in the future, with the history in our country, this will not happen again because I have to stand with these children.” 

    He said it is a burden to carry anger around, and said if you can’t forgive, you are slowly dying inside. 

    “If you carry anger around, you can even get sick, not knowing why,” he said. “It can lead to depression.” 

    Asked a question about developed countries’ inaction during the genocide, Rev. Rugirangoga, who fled Rwanda by foot during the genocide but later returned, said he was not angry. 

    “At the time of the genocide we were in survival mode, we couldn’t hear what was going on, who was helping or not,” he said. 

    “But you have also, the U.S. and other countries that have shown support with the help they’ve offered us. If we’re forgiving the killers, then we need to forgive the grudge that nobody helped us.”

  • In U.S trial, justice or not for the Rwandan Genocide

    The Kansas case of an octogenarian immigrant is emblematic of the imperfect, highly-politicized, and even tainted process of doling out justice for the Rwandan genocide
    On April 15, 1994, just days into a bloodletting that would leave nearly a tenth of Rwanda’s population dead, a mob of ethnic Hutus gathered in the village marketplace in Birambo. Incited and possibly organized by local Hutu leaders, the mob ransacked homes and businesses owned by ethnic Tutsis. In the days that followed, hundreds of Tutsis who fled into the nearby mountains were hunted down and killed. Seemingly anomic yet carefully organized, episodes like that in Birambo would be repeated thousands of times over the coming months, as militants, politicians, and prominent local Hutus stoked and even stage-managed a gruesome war of all against all.

    Wichita, Kansas is eight time zones away from Birambo. It’s a strange place for a high-stakes legal and political showdown over how to punish or even identify the local-scale leaders of the Rwandan genocide, a matter that’s morphed into a debate over the legacy of the genocide itself. Yet the freedom of Lazare Kobagaya, an 84-year-old Rwandan immigrant and Kansas resident, depends on how these two interrelated debates play out in a federal courtroom.

    Kobagaya is currently on trial in Wichita for allegedly lying about his involvement in the events in and around Birambo while he was in the process of applying for U.S. citizenship. The government, which began presenting its case last week, believes that Kobagaya helped lead and organize the Hutu mob in Birambo, and violated federal U.S. law by claiming on his N-400 naturalization form that he had never “persecuted (either directly or indirectly) any person because of race, religion, national origin, membership in a particular social group, or political opinion.” If convicted, Kobagaya faces jail time, the revocation of his U.S. citizenship, and deportation to Rwanda, where he would likely face another trial — this time for genocide.

    On its simplest level, the case, which is the first Rwandan genocide-related prosecution in U.S. history, concerns what Kobagaya was doing during the opening weeks of the Rwandan genocide. But there’s a political and even historical dimension to it as well. According to defense filings, Kobagaya’s name never appears in records of the genocide collected by Human Rights Watch and the Rwandan government. The bulk of the evidence against him comes from eyewitnesses currently living in Rwanda, people who the defense claims were hand-selected by a Rwandan government that has used its own version of the events of 1994 to maintain its grip on power.

    Rwandan president Paul Kagame, who was reelected in August 2010 with 93 percent of the vote, has made it a criminal offense to question his government’s official version of the genocide. Since Kagame is the former leader of the Rwandan Patriotic Front, the Tutsi militia that halted the killings in July of 1994, that version is as much about enshrining a Tutsi narrative of the conflict as it is about national reconciliation.

    So Rwandan law echoes Germany’s well-known prohibition of Holocaust denial, and aims at preventing conspiracy theorists and genocide denialists from destabilizing the country. But opposition journalists and politicians, as well as foreign NGOs, have been targeted for spreading “genocide ideology” and “divisionism.” Rwandan prosecutors have aggressively pursued allegedgenocidaires or “genocide deniers” living abroad, while stripping genocide suspects of due process rights within Rwanda itself.

    Kobagaya could well turn out to be a liar and a murderer — but he’s already emblematic of the imperfect, highly-politicized, and even tainted process of doling out justice for the Rwandan genocide.

    • • •

    How American prosecutors initially connected Kobagaya to the events in Birambo is unclear. A spokesperson for the Department of Justice’s Human Rights and Special Prosecutions division refused to explain how Kobagaya first appeared on the government’s radar, citing a department-wide policy of not commenting on ongoing cases.

    The government’s suspicions may have originated with Kobagaya’s recent offer to record video testimony on behalf of Francois Bazaramba, a former neighbor whom a Finnish court sentenced to life in prison last year for his role in facilitating the violence in Birambo. In interviews with U.S. immigration officers, Kobagaya had claimed that he had lived in Burundi between 1993 and 1995. By offering firsthand knowledge of events in Rwanda in 1994, Kobagaya exposed his own lie.

    The first motion filed in the Kobagaya case was a request for the Finnish government to share virtually all of the evidence it had gathered investigating Bazaramba, who was implicated in the genocide when his name appeared on a list of suspects that the Rwandan government published in 2006.

    In a motion filed in January 2010, Kobagaya’s legal team offers its own version of how their client came to be accused of mass murder. “In this case, the United States is serving as a conduit for the Rwandan government to investigate and prosecute Mr. Kobagaya,” wrote lawyers Kurt Kerns and Melanie Morgan in a motion to dismiss the case filed in January 2010. The defense team alleged that Kobagaya had been investigated “at the behest of the Rwandan government.”

    Presiding judge Monti Belot found “no evidence” to support the defense’s claim. Tom Ndahiro, a self-described “genocide scholar” who has been linked to Paul Kagame, also denied any coordination between the U.S. and Rwandan governments in identifying Kobagaya. “I don’t think this was a case conducted by the government of Rwanda but by the United States,” he told me. “I think there must have been something that triggered his — that made him come back to the limelight. Otherwise there are many people who are accused of that crime but who have been here without the U.S. government’s notice.” Ndahiro says he does not formally work for the Kagame government, but when I called the Rwandan embassy in Washington, D.C., for comment on the case, someone passed the phone to him.

    The Rwandan government is playing some role in how the case has proceeded. Preparing for the case, U.S. prosecutors traveled to Rwanda, where government authorities helped to find witnesses and take depositions. In a later motion, the defense noted that “all of the government witnesses have participated in gacaca” — a sprawling Rwandan system of community-level courts dedicated solely to genocide cases — either as defendants, witnesses or victims,” and the government’s own list of evidence against Kobagaya includes “gacaca records gathered by the U.S. government in Rwanda.”

    According to Duke University professor Madeline Morris, a transitional justice expert who has advised the Rwandan government, Rwanda imprisoned about 80,000 people accused of genocide-related crimes in the immediate aftermath of the conflict. The country’s existing court system would simply have been incapable of processing all of the accused genocidaires. “In the Rwandan context the problem of finding evidence was enormous,” Morris said. “A lot of people where dead, a lot of documents were destroyed, and a lot of people who were arrested weren’t identified.” The Rwandan government was leery of using the country’s courts to prosecute tens of thousands of suspects solely on the basis of eyewitness testimony. “I think that politically and internally within the Rwandan government there was a lot of ambivalence about what the results would be if people were actually able to use that law,” she said.

    The solution was to create a new court system altogether. “Gacaca courts were to be based on informal testimonies by local people, including people who had had personal involvement in the genocide,” explained Ruth Wedgewood, a Johns Hopkins University professor and member of the State Department’s Advisory Committee on International Law. The Rwandan government empowered ad-hoc community courts to try and sentence genocide suspects. But the gacaca “doesn’t have any formal court procedure,” said Wedgewood. “It doesn’t exclude hearsay or have a professional fact finder. Even if local people try to be fair they might be highly impassioned and there are no checks and balances.”

    The result is a system ripe for government abuse. The gacaca courts were forbidden from trying Tutsis, even though some Tutsi militia leaders massacred civilians both during and after the genocide. And, said Wedgewood, it “appeared more and more frequently that Kagame was trying to attack his enemies” through the court system. If a political opponent seemed potentially threatening, the Kagame government could accuse him of trivializing or denying the genocide, or of using the memory of the genocide to stir up ethnic division. Defense motions cite at least one case of a gacaca witness later being prosecuted as the result of supposedly “divisionist” court testimony. The defense has claimed that the U.S. prosecutor’s reliance on Rwandan witnesses, who come from a country with limited free speech and gave their testimony as part of a dubious gacaca justice system, , amounts to a kind of witness tampering and a denial of Kobagaya’s right to due process.

    • • •

    It’s not terribly surprising that the U.S. government’s case depends on gacaca witnesses produced with the help of the Rwandan government. Investigating Kobagaya’s case would likely have been prohibitively difficult or even impossible without going through the Rwandan government and justice system. But a U.S. courtroom is not a gacaca court, and the case raises the discomforting question of whether individual, small-scale responsibility for the Rwandan genocide is even provable by the American standard : beyond a reasonable doubt.

    What if the answer turns out to be no ? Despite the political and evidentiary challenges, basic moral and political necessity demands something more than just a blanket free pass for alleged lower-level perpetrators like Kobagaya — especially in Rwanda, where, in the years immediately following the genocide, killers often lived side by side with survivors of the ethnic group they once victimized. The possible civil rights violations inherent in this case, both in the United States and Rwanda, are worrying. But so is the prospect of letting off a perpetrator of one of the worst mass killings of the 20th century.

    This dichotomy between victor’s justice and impunity might exist in Rwanda, but it doesn’t have to operate in an American courtroom. Though the two crimes are difficult to separate entirely, Kobagaya is being tried for lying to the INS, and not for genocide. Judge Belot has tried to make the trial less about its political and moral context than about establishing what happened in Birambo in April of 1994. He has explicitly forbidden the defense from presenting a socio-historical theory of Kobagaya’s prosecution, deciding that the role of the genocide in Rwandan politics is irrelevant in determining the defendant’s guilt.

    Of course, the possible role of the Rwandan government in intimidating witnesses is relevant, and the prosecution, in responding to the defense’s motion to dismiss the case in January 2010, invited their opponents to use “the time-tested tool provided by the Constitution : cross-examination.” In this small way, the American justice system — a system where Hutu and Tutsi ethnic identities matter less than evidence and argument — is giving the Rwandan genocide the kind of dispassionate, coldly judicial treatment that it has seldom received. Even the UN-sponsored International Criminal Tribunal for Rwanda has never prosecuted any Tutsis, according to Wedgewood.

    Belot has tried to banish from his courtroom the larger debate over how and whether justice for the Rwandan genocide can be achieved. Yet the question lingers all the same. An American court presents an unprecedented test case for establishing personal culpability for the most notorious mass slaughter since World War Two. If Kobagaya is acquitted, justice for the Rwandan genocide might become a murkier concept than ever before.

     – Armin Rosen is a New York-based freelance writer.

  • Witness tells of threats at genocide trial

    The first Rwandan witness at the trial of a Rwandan genocide suspect told a German court Wednesday how he was arbitrarily imprisoned and threatened in the run up to the mass killing of ethnic Tutsis by Hutus.

    The trial of Onesphore Rwabukombe, former Hutu mayor of Mavumba in north-eastern Rwanda, began in Frankfurt in January. German law authorizes the punishment of acts of genocide anywhere in the world.

    The witness, a 47-year-old Rwandan public prosecutor, said violence erupted in Rwanda and he was arrested on October 9, 1990, although he had committed no crime. Rwabukombe drove the truck on which prisoners were packed, and he was detained for several months.

    At one point during his detention, the witness told the court, Rwabukombe took a rifle from a soldier, loaded the breech and aimed it at him.

    ’The only reason he did not shoot me was that a friend went and stood between us,’ the witness said.

    He told the court that he had left Rwanda after his release from detention in March 1991 and had not been present during the genocide of Tutsis and moderate Hutus in 1994.

    ’I didn’t feel safe any more,’ he told the court.

    Rwabukombe, 53, was arrested last year in Germany, where he has lived since 2002 and has been seeking political asylum.

    Rwabukombe is accused of having given orders that led to the death of 3,730 people, mainly Tutsis who had taken refuge in a church.

    The witness was the first of 17 witnesses from Rwanda who have been called to testify in Frankfurt. Prosecutors said that though this witness did not witness the genocide at the heart of the case, he was called so that judges would grasp Rwabukombe’s character.

    A second witness, Cosolee Nyiramongi, 65, whose husband was killed in the bloodletting, was in Frankfurt Wednesday and was scheduled to testify next.

  • Sex and coffee raise risk of brain rupture


    If you have a brain aneurysm, drinking coffee, having sex or even getting angry may boost the risk of it rupturing, a new study suggests.

    Although the risk is extremely small, people who have aneurysms should be careful, said Dr Sahil Parikh, assistant professor of medicine at University Hospitals Case Medical Centre in Cleveland.

    “For those patients who do have aneurysms, it would be advisable to avoid those behaviours,” said Parikh, who’s familiar with the study findings.

    Aneurysms occur when the wall of an artery weakens and bulges out.

    They can occur anywhere in the body, but are particularly dangerous in the brain, where they can cause a haemorrhagic (bleeding) stroke if they burst.

    In the study, published online May 5 in the journal Stroke, researchers asked 250 patients who had suffered a ruptured brain aneurysm about their exposure to 30 possible triggers before the haemorrhage.

    The investigators found that being startled raised the risk of burst aneurysm in someone who already has an aneurysm by the highest level — 23-fold. Anger boosted the risk by 6 times.

    Other things raised the level, too : Coffee (2 times), cola (3 times), straining for defecation (7 times), sexual intercourse (11 times), nose blowing and vigorous physical activity (both 2 times).

    Seems to be higher blood pressure, said study lead author Dr. Monique H.MVlak, since all eight activities cause blood pressure to rise.

    Vlak said about two per cent of the population has a brain aneurysm. They are often symptomless and frequently harmless.

    “You shouldn’t be scared because the likelihood of this happening is extremely rare,” said Parikh. “I would encourage patients not to worry excessively about it and consult with their doctor if they feel at risk of an aneurysm.”

    Even if you do have an aneurysm, it’s unlikely to bother you. “We think most aneurysms never rupture,” said Vlak, a neurologist at the Utrecht Stroke Centre at University Medical Centre in Utrecht, the Netherlands.

  • Bank of Kigali might be cross-listed in Nairobi’s capital market

    The Nairobi Stock Exchange (NSE) is set to see the first ever cross-listing of a company from a neighbouring country, opening a new investment opportunity for investors keen on diversifying their portfolio beyond Kenya’s economy.

    The intended cross-listing of “at least two companies” from neighbouring countries is still at the discussion stage, but the NSE said at least one of the firms is expected to start trading before the end of this year.

    Mr Donald Ouma, the head of product development and research at the NSE, said the new stock is expected to be listed by way of an initial public offering (IPO).

    He, however, declined to reveal the identity of the firms citing client confidentiality, but said more details will be made public before the end of next month.

    “We have held discussions about a yet-to-be listed stock from the region, the company to be cross-listed would be by way of an initial public offer,” said Mr Ouma.

    Rwanda’s biggest State-owned lender Bank de Kigali’s is expected to be sold to the public later this year in an IPO, making it a prime candidate for the intended cross-listing.

    At least seven Kenyan companies are cross-listed in Uganda, Tanzania and Rwanda stock exchanges, but no company from the region has listed its shares at the Nairobi bourse.

    The cross-listed companies include Kenya Airways, KCB, Nation Media Group, Centum, Diamond Trust Bank, Jubilee Holdings and Equity Bank.

    Regional markets

    Safaricom, Stanbic Bank Uganda and Rwandese beer maker Bralirwa have floated cross-border IPOs, giving local investors a chance to diversify their investments even though they their exposure to neighbouring countries remains small mainly because the other regional capital markets are still at their infancy.

    In Rwanda for instance, the Kigali Stock Exchange was launched in January this year.

    It has only three listed companies, Bralirwa — the country’s biggest beer and soft drinks maker, Nation Media Group and KCB.

    The expected cross-listing will take the tally of listed firms at the NSE to 56 with at least five other local firms, among them British-American Investments Company and TransCentury expected to list at the bourse before the end of the year.

    In an interview last week, chairman of Dyer and Blair Investment Bank, Mr Jimnah Mbaru, predicted that the company most likely to be cross-listed at the local bourse would be Bank de Kigali, which is expected to sell 25 per cent of its shares to the public to raise additional capital to fund growth.

    “The only offering I expect to go public and cross-list at the NSE would be the Bank de Kigali,” said Mr Mbaru, whose firm was a joint transaction adviser in the listing of Bralirwa.

    He is betting on the capital requirements by both governments and corporations across the entire region to encourage fundraising activities beyond their jurisdictions- a key factor informing the ongoing push for the integrating of the regional capital markets.

    Mr Ouma added that the NSE was working with the other stock exchanges to introduce a trading platform that would integrate their operations aimed at minimising price differentials in the specific markets for cross-listed shares.