Nqobile Tshili, Chronicle Correspondent
PRESIDENT Emmerson Mnangagwa yesterday released names of individuals and corporates who failed to heed his call to return externalised funds to the tune of more than $826 million.
President Mnangagwa named the individuals and corporates after his amnesty for externalisers to return the country’s looted funds lapsed.
Former Reserve Bank of Zimbabwe Divisional Officer, Mr Elias Musakwa, was named for externalising $9 million to Portugal on the list which has 157 individuals and companies.
Companies in the mining, agriculture and manufacturing sectors mainly constituted externalisers of funds through non-repatriation of export proceeds, with African Associated Mines Mining topping the list for externalising over $62 million followed by Marange Resources Mining which allegedly illegally exported about $54 million.
Gold Driven Tobacco salted away over $10 million.
A total of $237,452,276 was externalised by 284 institutions in this category.
Most of the culprits fell in the category of institutions that externalised cash for imports but did not deliver their imported products.
A total of 1 403 companies are listed in this group, externalising a total of $124,846,957.
In this category, Ekusileni Medical Centre in Bulawayo came first for spiriting over $3 million out of the country followed by Mosdek Investments Pvt Ltd which externalised over $2,9 million.
Fuel Cafe Trading (Pvt) Ltd came third, externalising more than $2,4 million.
The funds transferred to foreign banks in cash under the spurious circumstances category was dominated by individuals who sent their loot to China and Botswana among other countries to the tune of $464,204,171.
The moratorium to return looted funds started on December 1 and ended at the end of February.
However, the President extended the grace period by two weeks on March 3.
In a statement, President Mnangagwa said he was naming the individuals and companies for failing to heed his call for the return of funds.
“Thus, 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,” said the President.
“It is against this background that the Authorities have no 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 obligation of the citizenry and where necessary, to ensure that those responsible for such illicit financial flows are brought to justice.”
He said the RBZ is ready to clear names of individuals and corporates who produce financial statements of their transactions.
“The Reserve Bank of Zimbabwe is ready to process transactions where the concerned parties can show proof of declaration and or repatriation of funds without prejudice given that the burden of proof lies with the concerned parties,” Cde Mnangagwa said.
“This is despite the fact that ample time was granted under the amnesty period to account for and repatriate all externalised funds.”
Last Friday, the President revealed that nearly $300 million had been returned while externalisers who had invested the funds in foreign countries to the tune of $680 million were negotiating on how to bring back the money.