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ZimRe pushes to recover funds frozen in US
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Financial services giant ZimRe Holdings Limited (ZHL) is mounting a fresh bid to reclaim more than US$1,1 million still locked in the United States from the sanctions era, chief executive officer Stanley Kudenga has revealed.
The funds were frozen in 2008 when the US Department of the Treasury's Office of Foreign Assets Control (Ofac) blacklisted ZHL, accusing it of supporting former President Robert Mugabe's administration. At the time, the Government of Zimbabwe held a 43% stake in ZHL — a shareholding that has since dropped to 27,38%.
Sanctions were lifted after Mugabe's ouster in a 2017 coup, yet the company has faced persistent hurdles retrieving the funds. Speaking after the group's annual general meeting this week, Kudenga said ZHL was now working directly with the State of New York to expedite the process, and that US$300 000 was on track for recovery soon.
"We have had some traction. I think right now there is an element of about US$300 000 to be recovered in terms of progress so far," Kudenga said. "We are now working with the State of New York to make sure that we recover it."
He said US authorities had provided the company with a clearer recovery pathway, but cautioned that the timeline remained uncertain as the pace was determined by the US side.
ZHL has so far recovered nearly US$1,7 million, with US$1,1 million still outstanding. Kudenga noted that some of the frozen funds were intercepted mid-transfer from international business partners — some of whom no longer exist or have changed ownership — complicating potential rerouting of the money.
Following the lifting of sanctions, ZHL undertook a strategic overhaul, phasing out its multi-brand approach in favour of a mono-brand model across its reinsurance operations. The streamlining aimed to boost efficiency and financial resilience.
As of March 2025, the group's total assets had risen 7% to US$223,04 million, driven largely by net cash from operations.
The funds were frozen in 2008 when the US Department of the Treasury's Office of Foreign Assets Control (Ofac) blacklisted ZHL, accusing it of supporting former President Robert Mugabe's administration. At the time, the Government of Zimbabwe held a 43% stake in ZHL — a shareholding that has since dropped to 27,38%.
Sanctions were lifted after Mugabe's ouster in a 2017 coup, yet the company has faced persistent hurdles retrieving the funds. Speaking after the group's annual general meeting this week, Kudenga said ZHL was now working directly with the State of New York to expedite the process, and that US$300 000 was on track for recovery soon.
"We have had some traction. I think right now there is an element of about US$300 000 to be recovered in terms of progress so far," Kudenga said. "We are now working with the State of New York to make sure that we recover it."
He said US authorities had provided the company with a clearer recovery pathway, but cautioned that the timeline remained uncertain as the pace was determined by the US side.
ZHL has so far recovered nearly US$1,7 million, with US$1,1 million still outstanding. Kudenga noted that some of the frozen funds were intercepted mid-transfer from international business partners — some of whom no longer exist or have changed ownership — complicating potential rerouting of the money.
Following the lifting of sanctions, ZHL undertook a strategic overhaul, phasing out its multi-brand approach in favour of a mono-brand model across its reinsurance operations. The streamlining aimed to boost efficiency and financial resilience.
As of March 2025, the group's total assets had risen 7% to US$223,04 million, driven largely by net cash from operations.
Source - The Independent
