Externalisers repatriate $300 million ahead of amnesty deadline

President Emmerson Mnangagwa

President Emmerson Mnangagwa

Nduduzo Tshuma, Political Editor
PRESIDENT Emmerson Mnangagwa yesterday said the amount of money repatriated back to Zimbabwe has increased to $300 million from $250 million as he called on externalisers to heed the Government’s call before the lapse of the amnesty.

He issued a three-month moratorium soon after his inauguration last November for the return of all looted funds and assets.

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.

The moratorium elapsed on February 28 and President Mnangagwa revealed that $250 million had been brought back into the country.

He then gave a two-week extension to the moratorium ending on March 19.

Addressing Zanu-PF supporters at a rally held at Lortondale Primary School in Bubi, Matabeleland North, President Mnangagwa, issued a final warning to those externalisers who have ignored calls to repatriate the funds saying by Monday, their names would be published as well as the amounts they externalised.

He said those who have ignored the Government’s calls, will face prosecution and no status will be considered as everyone is equal under the law.

“Those who had taken money out of the country, those who bought properties outside the country, I said they must bring the funds back. I gave them three months,” said President Mnangagwa.

“We have 1 166 cases of externalisation, now we have three categories, one category has brought in the cash.

“We thank them, we won’t publish their names.  They have brought in nearly $300 million,” said President Mnangagwa.

“Then second category, we are negotiating on how they will bring back the money tied on properties or securities outside the country, we are still working out how they will bring back the money and those too we won’t publish their names.

“The money is in the range of $680 million. We are discussing on a case by case basis how those funds can be repatriated.

“There are those who have remained quiet, we are saying come and talk to us and we agree on how they should return the money but they remain quiet. On the 19th of this month we will expose those ones and the amounts they externalised, we have their names on our files. This is part of my last warning to those who have externalised, big or small, the law levies everybody.”

Announcing the grace period last November, President Mnangagwa said Operation Restore Legacy which was launched by the Zimbabwe Defence Forces unearthed serious economic crimes.

“Activities linked to the Operation Restore Legacy have, among other issues, helped to uncover cases where huge amounts of money and other assets were illegally externalised by certain individuals and corporates.

“Needless to say such malpractice constitutes a serious economic crime against the people of Zimbabwe which the Government of Zimbabwe will never condone,” he said.

Addressing delegates during the Zanu-PF Special Congress last December, the President said he had knowledge of those who had externalised funds.

“I didn’t say that without knowledge. I have a list of who took money out.

So in March when the period expires, those who would not have heeded to my moratorium I will name them and shame them,” he said.

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  • Vumani

    This is a process fraught with ambiguity contravention of foreign exchange act would be applicable in country that had its own currency
    as we all know the bond note is worthless piece of paper internationally. Zimbabwe currently has a multi- currency system, so potential investors are not allowed not recoup profits as this be deemed the so-called externalisation. The dull EDiot should clarify whether he means funds stolen from government treasury by corrupt officials & exported to foreign destinations. Does the law apply to citizens who have saved foreign currency for business ventures ? Does this apply to invididual personal funds ? By suggesting that Zimbabwe is open for business are potential investors subject to the so-called externalisation if they decide to maintain foreign bank accounts given the local banking system is in operational ? The figure reported is meaningless if it’s not supported by names of individuals & facts for all we know it may have been plucked from thin air. Zimbabwe is open for business but investors are not allowed to redeem their profits because they will be externalising foreign currency. Bunch of EDiots !!

    • Kumbirirai Mhosvahayirovi

      Economic alignment doesn’t happen over night, no it doesn’t. How long did it take Shamwari mira ndikuwudze, actually let me speak in Zulu so that it’s clearer, Externalization manje ke iyaxaka lento njalo ukuthi yenziwa yini, yini le eyenzukuthi abantu bangahlala nje,balindel’ ukuthi abantu abayibona abahamba phambili ekukhankaseni nabakhethiwe kuqokwe bona nje ngqo. Yiyo lento eyenz’ ukuthi ebesekunukanuka santungwana ukuth’ kushukuthi ihlobene loPolitiki, ukuthi wobani ke laba, nansi inkinga, kodwa ke ngombiko esiwutholile ngongqongqoshi wezomnotho uthe kukhona abaningana asebebanjiwe. Kushukuthi amaqiniso asezovela ukuthi wobani laba, sithole nokuthi unobangela yini.

      I hope you have understood me and where I’m coming from, Zvichabuda zvese shamwari.

      • Vumani

        Mfethu your response does not address the issue you are talking about economic alignment. I have posed a simple question on one hand EDiots are suggesting Zimbabwe is open for business then you have ambiguous laws which contradict the current monetary situation. Any potential invest would need to know more whether they it’s permissible to redeem or recoupe their investment under the current multi- currency arrangement will they not be subject to so called ambiguous externalisation laws. The law is ambiguous does apply to personal assets, business assets, investment returns etc. I would want to use a banking system which has will not allow me to withdraw my personal funds. As the situation stands people are sleeping on Bank door steps to access money is that sustainable?? So if one decided to utilise foriegn financial institution your actions are criminalised as being foreign currency externaliser for want of a better term.?

        • Kumbirirai Mhosvahayirovi

          Eh you’re very right my friend your points are valid, but at the same the president when he says all those who externalized funds should be brought to book arikureva kuti vanhu ngative nepekutangira, sorry I’m Shona by the way, Umongameli njengo mholi kahulumeni, usho ukuthi iningi labantu abenza lento bebegxile kwezombusazwe yikho ebahloniphile nje wathi abaphendukise ngenkathi ethile konke abakunyamalalisa. Umongameli ke ukhuluma ngaphansi kwaleso simo, ukuthi ucabanga ukuthi akwenzekeni. Akadukile ma eshonjalo, uzama ukuthi sisombululo sini esizosithola esokwenza ukuthi abantu bay’yeke lendaba ye externalisation. Ungathini ungay’ sapoti ngoba vele lez’izinto ziqale kusengu Robert umholi ka Hulumende?

  • Wikinerri

    Whats can expect to hear from Vumani? People who are always in a critics zone

    • Vumani

      Confine yourself to the subject of discussion it’s public forum you entitled to ask questions.

  • paul sanchez

    Where is the money president? It is still used by a few individuals. there are still long queues at the banks. People have to work hard at their jobs, then join long queues to get 50 dollars a day, then you expect the country to move forward? People will have to cut short their working hours so that they get time to join the long queues