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    Zimbabwe-Governance-Externalisation

    Zimbabwe: Mnangagwa names and shames alleged forex looters

    APA-Harare (Zimbabwe)

    Zimbabwe’s President Emmerson Mnangagwa on Monday named and shamed over 1,800 companies and individuals who have ignored a government directive to return more than US$825 million allegedly stashed away in offshore accounts.

    Chinese nationals and companies from the Asian country featured prominently among a list of individuals and firms that allegedly externalised foreign currency from Zimbabwe during the past few years.

    In a statement, Mnangagwa said the entities and individuals ignored a three-month amnesty he announced in November in which he asked all organisations and persons who had allegedly externalised funds during the past few years to account for the money before 16 March.

    “Despite concerted efforts by authorities and banks to request these entities and individuals to account for the externalised funds, the entities or individuals failed, ignored or neglected to respond to the amnesty,” Mnangagwa said.

    He added: “It is against this background that the authorities have no other recourse to cause these entities and individuals to respond, other than to publicise the names of the entities and individuals so that the concerned parties take heed of the importance of good corporate governance and the legal obligations of citizenry and, where necessary, to ensure that those responsible for such illicit financial flows are brought to justice.”

    The individuals and companies are listed under three categories of externalisation. Category One comprises funds externalised through non-repatriation of export proceeds while Category Two of funds externalised through payment of goods not received in Zimbabwe and the last category refers to funds stashed away in foreign banks by companies and individuals.

    Funds externalised by 284 firms amounted to a total of US$237 million while more than US$124 million was stashed away by 1,403 companies.

    In the case of Category Three, 157 companies and individuals allegedly externalised US$464 million to foreign banks in cash or under spurious transactions.

    Companies and individuals cited under Category Three included ruling party official and former civil servant Elias Musakwa who allegedly externalised US$9 million to Portugal and gold miner Metallon which is said to have stashed away over US$25 million in a bank account in Botswana.

    The majority of those listed under the last category were Chinese nationals.

    Mnangagwa revealed that individuals and companies had by the amnesty deadline returned over US$591 million.

    JN/APA

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