Mnangagwa threatens to prosecute forex culprits

HARARE- Zimbabwean President Emmerson Mnangagwa on Monday named hundreds of mines, Chinese businesses and individuals who had illegally transferred foreign currency abroad during Robert Mugabe’s rule and warned them they would be prosecuted.

The announcement came after the expiry of a three month amnesty for the return of funds including export proceeds, payments for phantom imports and “funds transferred to foreign banks in cash or under spurious circumstances”.

Mnangagwa did warn last month that the deadline would not be extended and that prosecution is highly plausible to those who had illegally taken money out of the country to either bring it back or account for it.

Authorities in Zimbabwe have said they have at least lost $1.4bn in revenue as a result.

He said, “Despite concerted efforts by authorities and banks to request these entities and individuals to account for the externalised funds, the entities or individuals failed, ignored or neglected to respond to the amnesty,”

Mnangagwa delivered on his promise after the expiry date past, as he released the list of the 1 403 offenders.

Officials did confirm that by the deadline $591 million had been returned while another $826m remained outstanding.

Names according to the list were major offenders in African Associated Mines, they allegedly stolen $62m; Marange, a joint venture state-Chinese diamond miner spiriting taken $54.2m, Mbada Diamonds $14.7m, Jinan Mining, another joint-venture with the Chinese, $11m and Canadile $41.3m.

Photo Credit- Business Daily News Zimbabwe

 

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