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Zimbabwe Still Waiting for Return of $826 Million in FundsBy and
Government publishes list of more than 1,000 offenders
Under amnesty, $591 million in illicit funds returned so far
Zimbabwe published a list of more than 1,000 companies and individuals it says illegally transferred funds abroad under the previous administration and have so far failed to respond to an amnesty meant to encourage the return of cash to the country.
The companies and individuals on the list haven’t accounted for a total of $826 million in illicit financial flows, the government said Monday in an emailed statement. Diamond miners top the rank of companies that have transferred the highest amounts of cash abroad, with African Associated Mines Ltd., Marange Resources and Canadile Mining Ltd. named as the three biggest offenders.
The companies operate in joint ventures with state-run Zimbabwe Mining Development Corp. Luke Akino, ZMDC’s acting general manager, didn’t answer phone calls seeking comment.
Under the amnesty, issued by President Emmerson Mnangagwa late November, about $591 million has been returned, the statement said. Mnangagwa has tried to bring in cash to fix an economy that’s halved since 2000 and left millions of Zimbabweans reliant on electronic money for daily transactions because bank vaults are empty.
“The authorities have no other recourse to cause these entities and individuals to respond, other than to publicize the names of entities and individuals so that the concerned parties take heed of the importance of good corporate governance,” Mnangagwa said in a statement.