Mnangagwa shames externalisers as US$591 million is repatriated

HARARE - Zimbabwean President Emmerson Mnangagwa on Monday named and shamed individuals and companies that failed to repatriate externalised funds and assets under a three-and-half month amnesty that expired on March 16.

Mnangagwa said out of US$1.4 billion externalised in both funds and assets, US$591 million had been returned while US$826.5 million remain outstanding.

The externalisation cases were put into three categories, namely non-repatriation of export proceeds, payment for imports not received in Zimbabwe and funds banked in foreign banks in cash or under spurious circumstances.

The president revealed that funds banked in foreign banks in cash or under spurious circumstances constituted the bigger chunk of money not returned standing at US$464.2 million, followed by unrepatriated export proceeds at US$237.4 million and payment for imports not received in Zimbabwe which stands at US$124.8 million.

The president said government had been left with no choice but to name and shame the culprits after they failed to comply with the reprieve.

"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 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," Mnangagwa said.