Mushohwe raps US

Minister Mushohwe

Minister Mushohwe

George Maponga in Masvingo—
Government has rapped the US government for penalising Barclays Bank $2,5 million for processing transactions for corporate customers that are on the “List of Specially Designated Nationals and Blocked Persons” saying the move was clear confirmation that Zimbabwe was under a “hideous’’ economic embargo. According to a recent US Treasury statement, Barclays agreed to pay the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) in order to settle claims related to the violation of US sanctions by processing transactions for Government-backed entities in Zimbabwe.

The US Treasury is reported to have noted Barclays’ 159 transactions totalling $3,4 million from July 2008 to September 2013, to or through the US financial institutions, including the bank’s New York branch, for corporate customers of Barclays Bank of Zimbabwe.

Information, Media and Broadcasting Services Minister Dr Christopher Mushohwe last week said the US was using the Zimbabwe Democracy and Economic Recovery Act (zidera) to economically strangulate Zimbabwe.

Dr Mushohwe, who was addressing content producers and film-makers during a consultative meeting in Masvingo, said the penalty imposed on Barclays by the US government bore testimony to the illegal sanctions imposed on Harare by Washington.

“Those of you who might have read papers may have come across the story about Barclays Bank which has been penalised by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) for processing transactions for corporate customers that are on the ‘List of Specially Designated Nationals and Blocked Persons’,’’ he said.

“That is the Zimbabwe Democracy and Economic Recovery Act, popularly known as zidera, which bears testimony to the illegal sanctions which have been imposed against Zimbabwe by the United States of America,’’ said Dr Mushohwe.

Dr Mushohwe said the US sanctions as unjustified and hideous.

The transactions which the US penalised Barclays for were mainly for the Industrial Development Corporation of Zimbabwe, which has in the past reported that it had over $3,5 million intercepted because of US sanctions.

The funds were for Chemplex Corporation and the Zimbabwe Fertiliser Company received from exports and for purchases. Ironically, the US recently removed Agribank and the Industrial Development Corporation from the sanctions list, with US embassy saying the banks “provide services to deserved and disadvantaged populations in Zimbabwe and serve unique development functions.”

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  • Cde Mzvinavhu(Prof)

    Yes, tell them Cde Minister. MDC stooges of the West have always shown their stupidity by saying there are no sanctions except only those targeted on individuals.

  • Kazana

    Barclays and other financial institution regularly face fines of dozens of millions or even billions when they believe can make a dodgy profit somewhere, $2.5 million is chicken feed for them!
    Only last May 2015, Barclays Plc was fines $2.4 billion by US and British authorities for manipulating foreign exchange rates, and Britain’s big four banks have racked up £50 billion in fines to face the music for their part in past sins and the financial crisis, imagine what American banks have paid out! Much ado about nothing?

    • Lwazi

      Jeez….. $50 billion in fines from a few UK banks! Make you question what fantasy influence Zanu-PF thinks it can command when entire Government budget is less than $4 billion ?

      • bedtime stories for children

        do they even have a budget? 3.4 million dollars? this is sanctions? shame!

  • s shumba

    But Cde, you talk as if this thing has “just” happened, but we observe elsewhere that the transactions happened between 2008 and 2013. At that time this state was transiting from rogue to democratic. Murders of 2008, plastic burning of 2013. Eeeetch

  • Rawboy

    Didn’t Barclays also flout the sanctions against UDI Rhodesia?!

  • kwekwe326

    This relates to transactions carried out between 2008 and 2013, so it’s old news. Second, the fines relate to individuals on OFAC’s List of Specially Designated Nationals and Blocked Persons who own 50 percent or more of the companies in question.

    Second, this is nothing whatsoever to do with ZDERA which is a completely different entity. OFAC deals with sanctioned individuals, while ZDERA deals with international lending institutions.

  • MaraMechavio

    Barclays Bank must prepare to leave Zimbabwe soon.

  • MaraMechavio

    Only idiots like you don’t see how sanctions target everyone. If a sanctioned company foldsup, rendering it’s Zimbabwean employees jobless, have they not affected the common civilian?Or when the sanctions incapacitates a local authority, leading to its inability to fight diseases like typhoid or cholera, have they not ultimately targeted civilians?

    • Tarubva

      The US is the single largest donor to local health authorities in Zim, more than what the Zanu PF government is doing!

      • MaraMechavio

        We know them USA for fixing that which they will have broken many a time.

  • poor guys here eh?

    so 3.4 million dollars in transactions was strangulating Zimbabwe? shame, small economy for a country indeed!!!!

  • Nyamasvisva

    I used to have respect for this guy – since he survived the Mujuru he has just become one non-event. Spokesperson , very incoherent and unconvincing.