$250 Million Returned By Looters, Says Zimbabwe’s President Mnangagwa

President Emmerson Mnangagwa yesterday revealed the government recovered $250 million of the expected $1,3 billion externalised and looted from Zimbabwe by individuals and organisations. The money recovered however is only from 105 out of the 1,166 reported cases, local online website, the Herald reports.

Zimbabwean President Emmerson Mnangagwa officiates at the swearing in ceremony for his cabinet at State House in Harare, Zimbabwe December 4, 2017. REUTERS/Philimon Bulawayo

Mnangagwa was giving an update on the three-month amnesty he issued in December for the return of the assets and funds, failing which government would take action.

“The amnesty expired on the 28th of February 2018.


“Government is pleased to inform the public that from the 1,166 externalisation cases (valued at $3.1 billion) known by government, a total of 105 cases valued at $250 million were processed by the Reserve Bank of Zimbabwe (RBZ) in respect of externalised foreign currency,” Mnangagwa said in a statement.

“In order to facilitate the above, the bank has sought my authority to extend the amnesty period by a two-week period. Accordingly, I have granted the authority for the extension of the amnesty by a period of two weeks to 16 March 2018 after which time the outstanding cases will be publicised on 19 March 2018.”

Cases that have been dealt with so far, Mnangagwa said, give a success rate of 45 percent by value.

Initially, President Mnangagwa accorded a three-month moratorium from December 1, 2017 to February 28, 2018.

During the period, Government did not raise questions nor press charges against those that repatriated the money.

According to President Mnangagwa, the amnesty would also include cases that had been presented before the courts where judgements were yet to be passed.

When the two-week extension period comes to an end, Government will shame, name and prosecute non-compliant companies and individuals.


Written by PH

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