Word: devrient
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...company's code of conduct states that its products and services "contribute to the social progress and technological advancement of society." Asked whether supplying a government widely regarded as despotic with paper for its currency violated that code, the spokesman said Giesecke & Devrient did not involve itself in "political" issues. "The important point is that it's not up to us to rely on political considerations in supplying bank note paper," he said. "We only deliver to central banks, not regimes...
...Munich-based firm Giesecke & Devrient, which reportedly supplies about half the southern African country's skyrocketing needs for paper to print money, made the decision after its president received a phone call Tuesday from German Foreign Minister Frank-Walter Steinmeier...
...creating confidence," supplies central banks and governments in nearly 100 countries with high-security paper for bank notes and other financial instruments. Its 2007 sales were $2.46 billion. In its annual report, the company stated that its bank note business with African countries had been especially successful. Giesecke & Devrient said World Bank regulations prohibited it from revealing details of its contracts with Zimbabwe...
...Citing a bill issued to a Harare printing firm, Munich's Süddeutsche Zeitung reported that in March, Giesecke & Devrient delivered bank note paper worth $856,000 to Zimbabwe. The spokesman would neither confirm nor deny the figure...
...Some European governments have recently moved to cut business ties. German officials on Friday ordered a Munich company, Giesecke and Devrient, to stop supplying Zimbabwe with the paper on which it prints its near-worthless banknotes - with Zimbabwe's estimated annual inflation rate at about 165,000%, the printers of Zimbabwe dollars have been a regular client of Giesecke and Devrient...