Mnangagwa extends amnesty to forex looters | Fin24
In partnership with
  • Credit Rating

    Moody's has (again) said that weak state-owned entities are a risk to SA's sovereign credit rating.

  • SARS Inquiry

    Judge Nugent has recommended the president sack suspended SARS boss Tom Moyane.

  • Nene Rand Rollercoaster

    Simon Brown says savvy investors worked out how the rand would react to uncertainty at Treasury.


Mnangagwa extends amnesty to forex looters

Mar 02 2018 19:01
Crecey Kuyedzwa

Harare - Zimbabwean President Emmerson Mnangagwa has extended the 3 month moratorium he had given to those who had illegally taken foreign currency out of the country to return it.

This comes amid indications that of the 1 166 cases, involving $1.3bn, only $250m has been retrieved.   

The original amnesty expired on February 28, but has since been extended by another 2 weeks, with Mnangagwa saying he will then name and shame the suspects.

In a statement released on Friday, Mnangagwa said 30 cases involving immovable property valued at about $50m in various countries, were reported to the Reserve Bank Zimbabwe (RBZ). In another 210 cases involving $287m, the money was used to buy imported goods. 

"The cases processed give a success rate of 45% by value.

READ: No sacred cows in fight against corruption, vows Mnangagwa

"The bulk of the 771 cases - or 55% - that did not take heed of the amnesty pertain to non-remittance of export proceeds to the tune of $215.8m, as well as funds looted by foreigners valued at $375m. Non-acquittal of imports were valued at $75.1m.

Mnangagwa said the extension was at the request of the RBZ which wanted more time to validate and finalise the amnesty process.

After this, he said, the government would name and shame those who didn't make use of the amnesty and legal action would be taken against them. 

The amnesty will now expire on March 16, with the names being published on March 19. 

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest. encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

emmerson mnangagwa  |  zimbabwe  |  corruption


Company Snapshot

Money Clinic

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

Voting Booth

The appointment of Tito Mboweni will:

Previous results · Suggest a vote