Loading...
See More

Zimplats fined for banking offshore

May 25 2012 12:44 Sapa

Company Data

IMPALA PLATINUM HOLDINGS LIMITED [JSE:IMP]

Last traded 80.46
Change -2.95
% Change -0.04
Cumulative volume 725035
Market cap 50.87bn

Last Updated: 22/10/2014 at 04:23. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Implats' cave-in

Zimplats profit soars on platinum prices

Analysts slam Zim mining policy

Implats surrender boosts Zanu-PF for poll

Zim's Saviour an enigma

Zim yet to conclude Zimplats terms

 

Harare - Zimbabwe has directed banks not to provide services to a local unit of South African owned platinum company, Zimplats, after it continued to put money in offshore accounts, state media reported Friday.

"Due to the failure by Zimplats (Zimbabwe Platinum) to adhere to provisions of this directive, to close their offshore accounts and transfer their funds to bank onshore as directed, exchange control has taken corrective administrative measures to enforce compliance," Gideon Gono, the Reserve Bank governor of Zimbabwe, was quoted as saying by The Herald newspaper.

"In this regard, authorised dealers are hereby advised to stop processing and facilitating international or any cross-border payments on behalf of Zimplats ... and to stop processing and facilitating any exports."

Zimbabwe announced in March that foreign banks and mining companies should bank their proceeds locally instead of offshore.

Zimplats, the local unit of the world's second-largest platinum producer Impala Platinum Holdings [JSE:IMP], said it was "surprised" by the directive.

"Zimplats is urgently liaising with the monetary authorities to resolve this matter amicably," Busi Chindove for Zimplats told The Herald.

The government earlier this year threatened to take Zimplats over after it failed to submit a plan to distribute 51% of its shares to locals to comply with the country's indigenisation laws.

The company later submitted a plan to the government for evaluation.

Under its terms, the company said it would give 10% ownership to its workers, another 10% to a community trust near its mine, and 31% to the government's Indigenisation and Economic Empowerment Fund.

Under the controversial local ownership law championed by President Robert Mugabe, the government must pay for the shares it receives - something the cash-strapped Treasury has not budgeted for this year.

 
impala platinum holdings  |  zimplats
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...