Home » Legal and Judicial Affairs » ZIMBABWE GOVERNMENT EXTENDS AMNESTY ON EXTERNALISED FUNDS

HARARE-- Zimbabwean President Emmerson Mnangagwa on Friday extended by two weeks an amnesty for people and companies that externalized foreign currency and assets during former president Robert Mugabe's era.

He said out of a possible 1,166 cases of externalization known by government worth US$1.3 billion, a total of 105 cases valued at US$250 million had been recovered in respect of externalized foreign currency.

Thirty cases valued at US$50 million of immovable properties in various countries had been reported to the Reserve Bank of Zimbabwe while 210 cases valued at US$287 million pertained to externalized funds that were used to procure imports, the president said.

"The cases processed give a success rate of 45 percent by value," Mnangagwa said in a statement.

He further revealed that the bulk of the 771 cases or 55 percent by value that did not take heed of the amnesty pertain to non-remittance of export proceeds (328 cases valued at US$215.8 million), externalization by foreigners (213 cases valued at US$375 million), non-acquittal of imports (153 cases valued at US$75.1 million and Panama Papers and others valued at US$150 million).

The new administration led by Mnangagwa in December last year issued a three-month amnesty to people and firms who illegally stashed cash and assets abroad to repatriate them.

The amnesty expired Feb. 28.

Mnangagwa said the two-week period will stretch to March 16, 2018 after which government would on March 19 name and shame those who would have failed to take heed of the amnesty.

The president said the extension follows a request by the Reserve Bank of Zimbabwe for additional time to validate and finalize the amnesty process before government proceeds to name, shame and prosecute the culprits.

Source: NAM NEWS NETWORK

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