EDITORIAL COMMENT: Looters should take advantage of Govt’s extension to return funds President Emmerson Mnangagwa
President Emmerson Mnangagwa

President Emmerson Mnangagwa

Government has announced that $250 million out of the $1,3 billion externalised funds had been repatriated to Zimbabwe in the last three months. Those who are still to return the funds and assets have been given a further two weeks to do so. Government said on March 19 it will publish the names of individuals and companies who have externalised money and have not heeded the three months amnesty to return the loot on a no question asked, no charges proffered basis.

President Emmerson Mnangagwa said on Friday that the extension of the moratorium by a further two weeks was meant to allow those already in the process of repatriating funds to complete the process. The recovered money is only from 105 out of the 1 166 reported cases. President Mnangagwa granted a three-month moratorium that stretched from December 1, 2017, to February 28, 2018.

Government has said after the expiry of the two-week extension period, it will name, shame and prosecute non-compliant individuals and companies.

What has so far been repatriated is very little and we therefore expect more companies and individuals still to return the funds and assets to take advantage of the extension of the moratorium.

The money recovered is only from 105 cases out of the 1 166 reported cases which means 1 061 cases are still outstanding. The cases that have been processed so far represent a 45 percent success rate which means more can be done if outstanding companies and individuals take advantage of the new window.

We want at this juncture to implore companies and individuals still to return the externalised funds and assets to do so as soon as possible so that we move forward as a nation. We believe when President Mnangagwa gave the amnesty in respect of the repatriation of foreign currency and assets that were externalised,  he had realised that there were probably circumstances that persuaded individuals and companies to commit the offence hence the decision not to ask questions or to prosecute those who  took  advantage of the amnesty to return the loot.

Government has already assured investors, both domestic and foreign that Zimbabwe is not only ready for business but is politically stable. President Mnangagwa has said Government is also committed to adhering to the rule of law and protection of property rights in order to help investors recoup on their investment.

There is therefore no justification for companies and individuals to keep the externalised funds outside the country. This money and assets should be returned to the country and be used to grow the economy. Companies should use this money to either start new investments or expand existing businesses.

Most companies are in urgent need of working capital and an injection of $1,3 billion will therefore make a very big difference.

What is encouraging is that the country has during the past three months witnessed very positive economic developments and the companies and individuals yet to return the externalised funds or assets cannot afford to be left out. It is time Zimbabweans have a shared vision of a prosperous nation and this is only possible if each and every citizen plays his or her part in growing the economy.

Zimbabwe has vast investment opportunities and its citizens should therefore take the lead in exploiting these opportunities and this includes individuals and companies that externalised funds probably due to political uncertainty or obscurity.

The country is now politically stable and the Government has covered a lot of ground in improving the business operating environment.

We want to once again call on the remaining companies and individuals to move with speed to return the money and those facing challenges should not hesitate to approach Government for assistance.

 

You Might Also Like

Comments