Net closes on looters as ED names culprits

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Charity Ruzvidzo

President Emmerson Mnangagwa has released a list of companies and individuals who externalised money and did not respond to his call to return the funds within the three months amnesty period.

In a statement, Mnangagwa said the list which has 1 844 names of companies, was released as part of government’s role to bring the externalisers to justice.

 “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 list which is dominated by companies in the mining, agriculture, cross border freight sector has three categories.

The first category has funds externalised through non repatriation of export proceeds which amount to a total of US$237 million from 284 companies.

 The second category comprises of 1 403 companies that externalised funds through payment of goods not received in the country that amount to US$124, 8 million.

The third category comprises of funds externalised to foreign banks in cash or under spurious transactions amounts to US$464 million from 157 companies and individuals.

Some prominent companies such as African Associated Mines externalised  US$ 62,049,622  , Marange Resources US $54,238,249 , Pacific Cigarette Company US$4,122,966 , Allied Timbers Zimbabwe US$4,336,765 , Mbada Diamonds US$14,764,060  , United Refineries Limited US$387,180 and  Zimbabwe Gold Miners and Millers Association US$276,153.

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

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