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Zimbabwe Recovers US$850m Looted Funds

Zimbabwe’s President Emmerson Mnangagwa has announced that his administration recovered US$850 million during a three-month moratorium aimed at getting looted funds back, state owned Herald newspaper reports.

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Mnangagwa announced the recovery plan soon after taking office in November last year, pledging to put the southern African country ona financial ascendancy path.

The estimated funds targeted by Mnangagwa are reported to have been about US$1.4 billion, which was looted and stashed abroad during the Robert Mugabe era.

Mnangagwa made the revelation during discussions about measures being made to fight corruption on the continent at an African Union summit in Mauritania.

The 75-year-old – who is the candidate for the ruling Zanu-PF party in the 30 July presidential election – said that his government had also established an anti-corruption court and passed an ethics law.

“Corruption networks are becoming more sophisticated, hence the need to enhance information sharing amongst member-states’ law enforcement agencies and related institutions on the continent and beyond,” Mnagangwa is quoted as telling his peers.

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Written by PH

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