Contents: I. EXECUTIVE SUMMARY • II. J. P. MORGAN and COMPANY-- A LEADING INTERNATIONAL FINANCIAL INSTITUTION • III. AMERICAN DEPOSITORY RECEIPTS [ARDs} FUNCTION AS AN INVESTMENT VEHICLE IN THE UNITED STATES • IV. MORGAN GUARANTY TRUST: BRINGING SOUTH AFRICAN ARDS TO THE U.S. MARKETS • V. THE ADR BUSINESS INVOLVES MORGAN IN CONTINUING RELATIONSHIPS WITH THE SOUTH AFRICAN COMPANIES, BANKS AND CURRENCY MARKETS • VI. ADRS, FOREIGN INVESTMENT, AND SOUTH AFRICAN CAPITAL MARKETS • VII. J.P. MORGAN AND SOUTH AFRICAN CORPORATE FINANCE TODAY • VIII. SEC FILINGS IN 1990 REVEAL MORGAN STOCKPILING NEW SOUTH AFRICAN ADR REGISTRATIONS • IX. SOUTH AFRICAN COMPANIES WITH MORGAN ADRS: CORNERSTONES...
Contents: I. EXECUTIVE SUMMARY • II. J. P. MORGAN and COMPANY-- A LEADING INTERNATIONAL FINANCIAL INSTITUTION • III. AMERICAN DEPOSITORY RECEIPTS [ARDs} FUNCTION AS AN INVESTMENT VEHICLE IN THE UNITED STATES • IV. MORGAN GUARANTY TRUST: BRINGING SOUTH AFRICAN ARDS TO THE U.S. MARKETS • V. THE ADR BUSINESS INVOLVES MORGAN IN CONTINUING RELATIONSHIPS WITH THE SOUTH AFRICAN COMPANIES, BANKS AND CURRENCY MARKETS • VI. ADRS, FOREIGN INVESTMENT, AND SOUTH AFRICAN CAPITAL MARKETS • VII. J.P. MORGAN AND SOUTH AFRICAN CORPORATE FINANCE TODAY • VIII. SEC FILINGS IN 1990 REVEAL MORGAN STOCKPILING NEW SOUTH AFRICAN ADR REGISTRATIONS • IX. SOUTH AFRICAN COMPANIES WITH MORGAN ADRS: CORNERSTONES OF THE APARTHEID SYSTEM • A. Mining Companies • B. Industrial Companies • APPENDIX I. THE SOUTH AFRICAN ANTI-APARTHEID MOVEMENT CONDEMNS MORGAN'S ADR BUSINESS • APPENDIX II. SOUTH AFRICAN COMPANIES FOR WHICH MORGAN GUARANTY IS AN AMERICAN DEPOSITORY • APPENDIX III. SOUTH AFRICAN BANKS WITH CORRESPONDENT BANKING TIES TO MORGAN GUARANTY TRUST • APPENDIX IV. SAMPLE AMERICAN DEPOSITORY RECEIPT ISSUED BY MORGAN FOR BUFFELSFONTEIN GOLD MINING COMPANY LTD. • NOTES • Report by the Office of Corporate and Financial Affairs of the Amalgamated Clothing and Textile Workers Union (ACTWU), AFL-CIO. Research for this report relied upon documents and published material readily available to the public. Interviews were conducted with sources in government and industry in the U.S., the United Kingdom, and South Africa, some of which were confidential. The report mentions the First National Bank of Southern Africa Ltd., the French Bank of South Africa Ltd., the Standard Bank of South Africa Ltd., the Securities and Exchange Commission (SEC), American brokerage houses, Wharton Econometric Forecasting Associates, disinvestment, gold mining stocks, Dennis Weatherstone, De Beers Consolidated Mines, Elsburg Gold Mining Co., East Rand Proprietary Mines, Stilfontein Gold Mining Co., Hartebeestfontein Gold, Elandsrand Gold Mines, major mining companies, Anglo-American Corporation, Buffelsfontein Gold Mining, Welkom, Grootvlei Proprietary Mines, Leslie Gold Mines, Driefontein Consolidated, Randfontein Estates Gold, Rustenburg Platinum, Vaal Reefs Exploration and Mining, black workers, uranium, a 1987 miners' strike, management, South African police, Free State Consolidated Gold Holdings, Sasol, Highveld Steel and Vanadium, unheated single-sex hostels, Ernest Oppenheimer, diamonds and precious minerals, Consolidated Diamond Mines, U.S. investors, the imprisonment of Nelson Mandela, the Sharpeville massacre, the murder of Stephen Biko, killing of hundreds of school children in Soweto, poverty, disenfranchisement, the African National Congress (ANC), Terry Crawford-Brown, Jay Naidoo, COSATU (Congress of South African Trade Unions), the Johannesburg Stock Exchange, the South African Council of Churches (SACC), Damon Silvers, Finansbank Ltd., NedPerm Bank Ltd., Senbank, Trust Bank of Africa Ltd., UAL Merchant Bank Ltd., and Volkskas Ltd.
