Nets new owner accused of Mugabe ties
As a dislocated Brooklynite, I’ve been following the New Jersey Nets’ faltering attempts to build a new stadium in my borough for years now — my distaste for poor urban planning and eminent domain abuse only slightly outweighing my fantasy of one day seeing Lebron James play ten minutes away from where I grew up. ...
As a dislocated Brooklynite, I've been following the New Jersey Nets' faltering attempts to build a new stadium in my borough for years now -- my distaste for poor urban planning and eminent domain abuse only slightly outweighing my fantasy of one day seeing Lebron James play ten minutes away from where I grew up. The story has already drawn in an unlikely cast of characters including rapper Jay-Z and Russian oligarch Mikhail Prokhorov, but Robert Mugabe? Really?
The New York Post reports:
Democratic Rep. Bill Pascrell Jr., a member of the powerful Ways and Means Committee, wants to know if companies controlled by Prokhorov in Zimbabwe violate federal rules that forbid American citizens and companies, and subsidiaries set up in the United States, from doing business with brutal strongman Robert Mugabe, his regime or associates.
As a dislocated Brooklynite, I’ve been following the New Jersey Nets’ faltering attempts to build a new stadium in my borough for years now — my distaste for poor urban planning and eminent domain abuse only slightly outweighing my fantasy of one day seeing Lebron James play ten minutes away from where I grew up. The story has already drawn in an unlikely cast of characters including rapper Jay-Z and Russian oligarch Mikhail Prokhorov, but Robert Mugabe? Really?
The New York Post reports:
Democratic Rep. Bill Pascrell Jr., a member of the powerful Ways and Means Committee, wants to know if companies controlled by Prokhorov in Zimbabwe violate federal rules that forbid American citizens and companies, and subsidiaries set up in the United States, from doing business with brutal strongman Robert Mugabe, his regime or associates.
Prokhorov’s Renaissance Capital investment bank has interests in the Zimbabwean stock exchange, banks, a cellphone company, mining and a swanky, private big-game reserve. The company is intertwined with Onexim, the $25 billion Prokhorov-controlled investment fund behind the deal to bring the struggling NBA team to Brooklyn.
Pascrell said he will ask the Treasury Department, which oversees the sanctions, to investigate Onexim. In 2008, Onexim became a 50 percent owner of Renaissance Capital, which has been actively investing in Zimbabwe since 2007.
The Nets currently play in East Rutherford, New Jersey, located in Pascrell’s district, so he’s not exactly an impartial observer. On the other hand, the NBA has only itself to blame if this blows up into a scandal. Renaissance Capital hasn’t exactly gone out of their way to hide their business ties to Zimbabwe: there’s a Harare office listed on their website.
Joshua Keating was an associate editor at Foreign Policy. Twitter: @joshuakeating
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