A headline caught my attention the other day – an American had his mining company (Natural Resources Development) hijacked in Rwanda in broad daylight. This led me to reflect on this question – is Rwanda’s ruler investor friendly or predator?
Look at this history:
2001 – BACAR bank grabbed from Valens Kajeguhakwa, a Rwandan citizen;
2005 – Rwandatel grabbed from Greg Wyler and John Dick;
2007 – Intercontinental Hotel, operated by Southern Sun, South Africa, booted out;
2008 – Chevron, from USA, kicked out of airport fueling business;
2009 – African Development Corporation, German, kicked out of Rwanda Development Bank in which ADC had bought a 25% stake;
2009 – Olyana Holdings, owned by George Rubabumya, after purchasing Gisovu Tea Estate, thrown out;
2010 – Bakri, from Saudi Arabia, that replaced Chevron kicked out;
2012 – Rwandatel grabbed from LAP Green, Libya;
2013 – UTC shopping mall, owned by Tribert Rujugiro, a Rwandan, hijacked;
2013 – Vanoil, an oil prospecting company from Canada, kicked out;
2014 – Nshili Tea Estate, whereby shares owned by Tribert Rujugiro were confiscated;
2014 – Natural Resources Development, an American firm loses ownership.
Just imagine what less prominent companies and individuals face when dealing with this government. Can’t be easy.