UPDATED: President names, shames looters • Nearly $1bn remains outstanding • Funds stashed in China, Botswana, SA

20 Mar, 2018 - 00:03 0 Views
UPDATED: President names, shames looters • Nearly $1bn remains outstanding • Funds stashed in China, Botswana, SA

The Herald

Felex Share Senior Reporter
President Mnangagwa yesterday named and shamed corporates and individuals that failed to return nearly $1 billion they externalised in the past years, despite Government giving them a three-month amnesty.

The moratorium, which began on December 1 last year, expired last Friday.

This saw President Mnangagwa publishing a list with 1 844 externalisers and most of the looters are in mining, agriculture, manufacturing and cross border freight.

From $1,4 billion that was externalised, $591,1 million was recovered under the amnesty, while $826,5 million is outstanding.

The money was looted through non-repatriation of export proceeds, payment of imports not received in Zimbabwe and funds banked in foreign banks in cash or under spurious circumstances.

Click here to view the full list

About 157 individuals and companies externalised $464 204 171, banking the cash in foreign banks, while others made bogus transactions.

Most of the money went to China, Botswana and South Africa.

Those who banked cash in foreign banks or made fake transactions include Chinese diamond mining company, Jinan which externalised $332,9 million to Botswana and China, while Agri Sweet Investments spirited away $33 million to Pakistan and South Africa.

Metallion Gold externalised $25 million via Botswana, while musician and politician Elias Musakwa looted $9 million whose final destination was Portugal.

The category is dominated by individuals most whom are of Chinese origin.

About 284 entities externalised $237,4 million through non-repatriation of export proceeds.

In this category are most mining companies such as African Associated Mines ($62 million), Marange Resources ($54,2 million), Canadile Miners ($31,3 million), Mbada Diamonds ($14,7 million) and Jinan Mining ($11 million).

Gold Driven Tobacco externalised $10,6 million, ginning firm Insing Investments ($10,1), Allied Timbers ($4,3), while Pacific Cigarette Company looted $4,1 million.

At least 1 403 companies looted a combined $124 846 957 through payment of goods that were never received in Zimbabwe.

The amounts ranged from $10 000 to $3 million, with institutions such as Ekusileni Medical ($3 million) leading the pack.

Some of the companies which externalised funds by paying for goods that never came include Mosdek Investments ($2,9 million),

Fuel Café Trading ($2,4 million), Planas Trading ($2,2 million) and Bestridge Enterprises ($1,8 million), among others.

In the category are companies such as Wicknell Chivayo’s Intratek Zimbabwe ($230 921), Anjin Investments ($200 000), Puzey and Payne $276 895, Pathfinder ($250 000), Hwange Colliery Company ($166 130) and Boka Tobacco Floors ($161 772).

President Mnangagwa yesterday said despite concerted efforts by authorities and banks, the publicised individuals and corporates failed to respond to the amnesty.

“It is against this background that the authorities have no other recourse to cause these entities and individuals to respond other than to publicise them so that 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,” he said.

“The Reserve Bank of Zimbabwe is ready to process transactions where the concerned parties can show proof of declaration and/or repatriation of funds without prejudice given that the burden of proof lies with the concerned parties.

“This is despite the fact that ample time was granted under the amnesty period to account and repatriate all externalised funds.”

During the three-month amnesty, Government did not ask questions or prefer charges against those that were repatriating the money or assets.


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