Zimbabwe: President Mnangagwa Exposes Externalisers

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Zimbabwean President Emmerson Mnangagwa on Monday named hundreds of mines, Chinese businesses and individuals who had illegally transferred foreign currency overseas during Robert Mugabe's rule and warned they would be prosecuted.

Mr Mnangagwa, who promised to crackdown on corruption after being sworn into office past year, said he had been left with no choice but to release the 1,800 names, which include manufacturers, miners, small businesses, state-owned entities and even churches.

The new president said in a statement that out of the $1.42 billion estimated to be illegally kept outside Zimbabwe, only $591 million had come back to the country.

The funds were in respect of export earnings that were kept offshore, payment of imports that never made it into the country and funds stashed in foreign banks "under spurious circumstances", he said without elaborating.

"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".

The published list is dominated by individuals and companies in mining, agriculture, manufacturing and cross border freight business.

"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", Mnangagwa's statement read in part.

Established mining companies who looted money include African Associated Mines ($62 million), Marange Resources (54,2 million), Canadile Miners ($31,3 million), Mbada ($14,7 million), Jinan ($11 million).

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