Government has released a list of companies and individuals who did not comply with the directive to return externalized money with President Emmerson Mnangagwa announcing that only US$591 million of the US$1,5 billion reportedly externalized has been recovered.
In his statement released today, Mnangagwa said entities and individuals whose names are on the published list did not heed government calls for them to repatriate externalized foreign currency back into the country.
He added that the publishing of the list is to allow them to understand the importance of good corporate governance and ensure that those responsible are brought to justice.
“Entities and individuals listed in the three categories of illicit financial flows as at 16th of March 2018, ignored and or neglected the Amnesty by failing to account for the funds indicated as having been kept outside the country in respect of unrepatriated export proceeds, payment for imports not received in Zimbabwe and funds transferred to foreign banks in cash or under spurious circumstances.
“This despite concerted efforts by authorities and banks to request these entities and individuals to account for externalized funds the entities or individuals failed, ignored or neglected to respond 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 publicize the names of the entities and individuals so that concerned parties take heed of the importance of good corporate governance and legal obligations of citizenry and where necessary to ensure that those responsible for such illicit financial flows are brought to justice,” said Mnangagwa.
Notable among those who did not take heed of the government directive include, diamond companies, Mbada Diamonds, Marange Resources, Canadile Mining and Jinan Mining.
Controversial businessman, Wicknell Chivayo’s Intratek is also among list of individuals who externalized foreign currency through payment of goods that were not received in Zimbabwe.
Another notable individual is Elias Musakwa who is alleged to have banked US$9 million in Portugal while a host of Chinese business operators were implicated in externalization of foreign currency raising questions on whether the country is indeed benefiting from its look East policy.