Word: engelhards
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South African investments were the lynch pin, the growth point of his global empire. "American and European millions are cigarette money to Engelhard's operation; the real money comes from South Africa," Paul Jacobs wrote for Ramparts magazine in 1966. It is difficult to know exactly how large the Engelhard family's interests in South Africa were and continue to be. Charles Engelhard was a master of the secret stock deal, the creation of the paper corporation. He owned companies that were subsidiaries of subsidiaries of subsidiaries. Through a wide range of company chairmanships and directorships, and minority and majority...
...largest of Engelhard's stakes, however, was in the South African gold mining industry, which for decades has mined sub-economic gold by employing Africans at wages half the poverty datum level. Largely through his chairmanship and stock holdings in Rand Mines, Engelhard's interests controlled an estimated 15 per cent of South African gold mining industry during the '60s. Indeed, it was through his entry into the South African gold industry during the early '50s that Engelhard first started to turn his father's relatively modest metals business into a global powerhouse. Setting himself up as a bullion dealer...
Perhaps just as signifigant as the huge direct economic holdings of the Engelhard empire is the role Engelhard played as the leader of the U.S. business community in South Africa. Wrote Forbes, "Success in South Africa has imposed its obligations, and Engelhard has dutifully fulfilled them." In 1958, Engelhard founded the American-South African Investment Co., Limited, a closed end trust designed to stimulate portfolio investment by Americans in South African enterprises. Throughout the '60s, Engelhard served as chairman of this trust, which was hugely successful...
...aftermath of the 1961 Sharpville massacre in which South African police killed 67 unarmed African demonstrators, foreign capital took flight, bringing the white minority regime perilously close to collapse. Ever true to his friends, Charles Engelhard engineered the American bank loans that helped refloat the South African economy and its instruments of repression...
...book The South African Connection, the anti-apartheid author Ruth First writes that "by many South Africans Engelhard is regarded as the savior of the post-Sharpville economy." Individuals of somewhat different political sensibilities hold exactly the same view. Anglo-American, the multibillion dollar conglomerate the dominates the South African economy, offers this official word on Charles Engelhard: "In difficult times, when South Africa was badly in need of capital, Engelhard played a vital and signifigant role in helping to bring it from abroad. He thus not only restored confidence in the country's economy, but actively assisted in boosting...