The Herald ZIMBABWE’s President Emmerson Mnangagwa has this morning named and shamed corporates and individuals that externalised money out of the country and ignored his call to return the loot in the past three months.
The published list is dominated by individuals and companies in mining, agriculture, manufacturing and cross border freight business.
Established mining companies who looted money include African Associated Mines ($62 million), Marange Resources (54,2 million), Canadile Miners ($31,3 million), Mbada ($14,7 million), Jinan ($11 million).
Gold Driven Tobacco externalised $10,6 million while Allied Timbers spirited away $4,3 million.
Pacific Cigarette Company looted $4,1 million.
The list comprises three categories of externalisation.
Category One comprises funds externalised through non repatriation of export proceeds which amount to a total of US$237 million from 284 companies while Category Two of funds externalised through payment of goods not received in Zimbabwe amounts to US$124, 8 million from 1 403 companies.
Category Three of funds externalised to foreign banks in cash or under spurious transactions amounts to US$464 million from 157 companies and individuals.
In a press statement, President Mnangagwa said entities and individuals listed in the three categories ignored and /or neglected the amnesty by failing to account for the funds indicated before the 16th of March 2018 deadline.
“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.
“It is against this background that the authorities have no other recourse to cause these entities and individuals to respond, other than to publicise the names of the entities and individuals so that the concerned parties take heed of the importance of good corporate governance and the legal obligations of citizenry and, where necessary, to ensure that those responsible for such illicit financial flows are brought to justice,” said President Mnangagwa.
The amount declared or received after the end of the amnesty on 16 March is US$591,100,000 and the outstanding balance is US$826,503,404.
President Mnangagwa further said listed entities or individuals with proof of declaration or repatriation of funds are free to approach the Reserve Bank of Zimbabwe which is ready to process such transactions without prejudice given that the burden of proof lies with the concerned parties.
Additional reporting from ZBC