Emirates Gold DMCC, a gold refinery that reportedly has ties to Zimbabwean businessman Simon Rudland, has been suspended in both the United Arab Emirates and London amid accusations of involvement in money laundering activities.
The gold refinery, which has been operating in Dubai for over three decades, was recently removed from the UAE’s Good Delivery List. Citing insider sources, Bloomberg reported that the bullion committee, chaired by the Economy Ministry, took this action due to concerns over the refinery’s owners’ alleged connections to money launderers.
In a related development, on Friday, the London Bullion Market Association (LBMA), the regulatory body for the precious metals market in the UK capital, announced the suspension of the refinery’s affiliate membership following a thorough due diligence review. LBMA released a statement stating that Emirates Gold’s Affiliate Membership will remain suspended until further notice, citing the outcome of the recent review.
According to reports, two individuals who are said to be relatives of Zimbabwean businessmen, Simon Rudland and Howard Baker, are among the ultimate beneficial owners of Emirates Gold. Earlier this year, an investigation by Al Jazeera implicated the two men in money laundering activities within the UAE’s gold sector.
Rudland is a famous Zimbabwean tycoon with interests in tobacco, logistics, financial services, and agriculture. He owns Gold Leaf Tobacco Corporation, a multinational manufacturer, and Rudland & George RG cigarette brand distributor.
In March, Rudland was named the largest funder of gold smuggling activities in Zimbabwe in a widely-acclaimed Al Jazeera investigation titled, “Gold Mafia.” He denied any wrongdoing and promised to sue.
