Home » Sports » ZIMBABWE: LOOTERS RETURN $250M – PRES MNANGAGWA

HARARE--President Emmerson Mnangagwa said $250 million of the expected $1.3 billion had been repatriated to Zimbabwe in the last three months, with Government having extended by a further two weeks the moratorium for those who are still to return the funds and assets.

The recovered money is only from 105 out of the 1,166 reported cases.

In a statement read on his behalf by Acting Information, Media and Broadcasting Services Minister Simon Khaya Moyo, Mnangagwa said 30 cases valued at $50 million of immovable properties in various countries were reported to RBZ, while 210 cases valued at $287 million related to externalised funds that were used to procure imports.

Cases that have been processed so far, he said, give a success rate of 45 percent by value.

"The Presidential Powers (Temporary) Measures (Amendment of Exchange Control Act) regulations, SI 145 of 2017 gazetted on December 1, 2017 gave an amnesty in respect of the repatriation of foreign currency and assets that were externalised by commission or omission or under the liberalised Exchange Control Framework," he said.

"The amnesty expired on the 28th of February 2018.

"Government is pleased to advise the public that out of 1,166 valued at $1.3 billion cases of externalisation known by Government, a total of 105 cases valued at $250 million were processed by the Reserve Bank of Zimbabwe in respect of externalised foreign currency.

"In order to facilitate the above, the bank has sought my authority to extend the amnesty period by a two-week period. Accordingly, I have granted the authority for the extension of the amnesty by a period of two weeks to 16 March 2018 after which time the outstanding cases will be publicised on 19 March 2018."

Initially, President Mnangagwa granted a three-month moratorium that stretched from Dec 1, 2017 to Feb 28, 2018.

During the period, Government neither asked questions nor preferred charges against those that repatriated the money or assets.

According to Mnangagwa, the amnesty would also include cases that were before the courts where judgements were yet to be passed.

After the two-week extension period, Government will both name and shame, and prosecute non-compliant individuals and companies.

"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 $215.8 million)," said Mnangagwa.

Source: NAM NEWS NETWORK

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