Zimbabwe News and Internet Radio

‘Looters returning externalised millions’

Individuals and companies that illegally externalised significant amounts of money from the country are returning the money, Reserve Bank of Zimbabwe governor John Mangudya has said.

Reserve Bank of Zimbabwe Governor Dr John Mangudya
Reserve Bank of Zimbabwe Governor Dr John Mangudya

This comes after President Emmerson Mnangagwa said the looters are known and will be prosecuted if they do not heed his call.

In November, the new president announced a three-month amnesty under which illegally externalised funds could be brought back into the country with no risk of prosecution for those involved.

Early last month, government amended the Exchange Control Act through Statutory Instrument 145 of 2017 to grant amnesty to those who illegally took out of Zimbabwe funds until February 28.

“Indeed the response is quite positive,” Mangudya told the Daily News yesterday.

Misheck Sibanda, the chief secretary to the President and Cabinet, told reporters that the expiry of the moratorium would be followed by arrests and prosecution of culprits.

“After February, legal action will be taken and arrests will be made. The looters are known,” Sibanda said.

In the event of a conviction, the courts can impose a fine not exceeding the value of the currency or a sentence of imprisonment not exceeding 10 years, the whole of which can be suspended on condition that the currency is repatriated to Zimbabwe within a specified period.

The statutes also allow the courts to impose harsher penalties unless the convicted person satisfies the court that there are special reasons in the particular case, which shall be recorded by the court, why a lesser fine should be imposed.

According to Statutory Instrument 145 of 2017, the RBZ governor is empowered to “do anything necessary for the efficient and effective application or implementation of the schedule” while compliance will be enforced by the RBZ’s Exchange Control Inspectorate Department.

According to the Statutory Instrument, only applicants who fully disclose details on the externalised funds will benefit from the moratorium.

The amendment reads “the amnesty granted to any applicant shall be withdrawn and thereby nullified if — (a) the applicant makes, in relation to the illegally expatriated property in relation to which amnesty is sought, any wilfully false declaration to the Reserve Bank in applying for the amnesty; or (b) the applicant fails to timeously repatriate the property in accordance with paragraph 5.”

Experts blame the loss of confidence in the country’s tottering economy which has seen the elite, in particular, preferring to keep their earnings in safe havens in contravention of the law.

The apex bank estimates that during the course of 2015, for example, $684 million was externalised by individuals for various purposes that include donations, investments, account transfers etc.

In addition, $1,2 billion export sales proceeds were externalised by firms through transfer pricing, under-invoicing and high management and expert fees.

The RBZ is currently investigating leads obtained from the Panama Papers whereby nearly 300 Zimbabweans were said to have committed serious economic crimes.

The Panama Papers refer to an unprecedented leak of 11,5 million files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca.

The records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists (ICIJ).  DailyNews

  • Who are those corrupt dogs eiiiiiiishy Mugabe was fucked up coz he was allowing his ministers to do fucken corruption.

  • Sure here Governor?

  • Better saka 15billion unokwana manje so

  • ?????

  • Don’t forget to give me ny share before its to late im afraid of new thugs in government

  • Tangai mabvisa pic ramdara kuti iite shuwa

  • A step in the right direction,,, good move

  • What have you regained so far? How much?

  • Kkkkkk kutaura munoona regei tione .

  • smelling a dead rat

  • Can someone be kind to me and sent this sms to Doc Mangudya. Ivo ngavadzosewo maBond arikushandiswa nembavha kuhovha maUSD ose at burning rates. We are seeing bundles and bundles and extra bundles of #new #5Bonds in street buying USD at exorbitant prices. Unless yu tell us that someone broke the #RBZ yu are a thief combed, and fully accountable for the price hikes and shortage of basics. I expect a fully fledged televised speech by end of day tomorrow.

  • Musanyepe vanaMangudya to appease yo masters, declare t publicly tt so n so hs returned so much

  • Guys mukubatwa kumeso, akadzosa ndiyani

  • Musanyeperwa na Mangudya uyo.Dei chiri chokwadi tava kutoziva ma company akadzosa.manje apa hapana transparency public money yakabiwa kaiyi saka vadzosa ngavaitwe public

  • let em be named and e externalised / returned amnts be disclosed otherwise you ar lying

  • Mozoibira zvenyu padyo

  • Statement dzekunyeba

  • Kkkkkkkkk hayaaaaaa

  • Arrest them as they bring the 💰

  • Stop lying to us. We are not fools who believe everything you say.

  • lied.lies.

  • Saka cash yaakuwanikwa kuma bank here

  • We want to help wth calculations tell us the figures n names

  • Give us the names

  • Good move

  • Ko maChina vakaviga mudzimba maUSA muno muZimbabwe.

  • Nxaaa kutiita mafuza saka zvabatsirei kunyika. Hatidi nyambo toda kuona development dai muchitoti Zisco kumuka kwayaita imari iya yekubiwa yakadzorwa .

  • Liar

  • So why don’t we have cash in circulation still?

  • We want concrete statistics not paragraphs of this and that. Transparence is the new rule of world order. Morden societies have hunger for concretised evidences.

  • Publish the names and the amounts

  • Uuuuu mayepo

  • How much did Obert Mpofu return?

  • Rob money from Peter and giving it to Paul

  • AMANGA ATHE NFEEE

  • Kkkkkk mangudya sooo

  • If ever it is being returned its only going to be externalised by different people and cash crisis will still persist as is the case #slowlygoingnowhere

  • Name them mr mangudya kwete kungowawata without action

  • We do want to see the figures. And details of how much is recovered and where it goes. Gone are the days when word alone was enough. We need figures now.

  • Taurai tizvinzwe

  • Ma bond here or ma US dollar? Maybe ma pounds

  • Mazita neyadzorwa. Hatidi zvemumhepo mangudya

  • Portrait iri pa background iyo, inappropriate!

  • Ok we want all names of those who are bringing back the money and how much is back so far,,clean audit of all returning money

  • Lair taneta kunyeperwa fuza hachina. Tichakukwapaidzai pamavotes

  • We need that in the banks period

  • Yah playing with people’s minds, mxm

  • Were is the money?hatiioni wani

  • Hope so!