Emmerson Mnangagwa names companies that have failed to return funds
Harare — President Emmerson Mnangagwa’s administration on Monday named 1,687 companies and 157 individuals accused of failing to heed his call to return funds taken out of Zimbabwe. This follows the expiry of a three-month amnesty announced in December last year to return the funds. The Reserve Bank of Zimbabwe estimates that the country could have been prejudiced of nearly $1.4bn by the companies and individuals. The central bank said that companies and individuals had returned $591m in funds illegally stashed abroad after a 90-day amnesty to bring back the money expired last week, but $827m was still unaccounted for. The externalised funds in part are responsible for the cash squeeze that currently persists in the country. Battling an acute shortage of cash in the country, which is almost in its third consecutive year, companies have had to turn to the parallel market to access the scarce US dollar for payments of raw materials and to also settle their dues to debtors outside the ...
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