Mnangagwa extends amnesty on externalisation

President Emmerson Mnangagwa has extended by two weeks the amnesty in respect of externalised foreign currency and assets, following its expiration on 28 February 2018.

In a statement, President Mnangagwa said the two-week period will stretch to the 16th of March 2018, after which time the outstanding cases will be publicized on the 19th of March 2018.

Mnangagwa said the extension follows a request by the Reserve Bank of Zimbabwe for additional time to validate and finalise the amnesty process before government proceeds to name and shame those who did not take heed of the amnesty and proceed to take legal action again such cases.

He added that the central bank request was as a result of a positive response to the amnesty.

President Mnangagwa said out of 1166 cases of externalisation known by government (worth US$1.3 billion), a total of 105 cases valued at US$250 million were processed by the RBZ in respect of externalised foreign currency.

"Thirty cases valued at US$50 million of immovable properties in various countries were reported to RBZ whilst 210 cases valued at US$287 million pertained to externalised funds that were used to procure imports," he said.

The President said the processed cases give a success rate of 45 percent by value.

President Mnangagwa further revealed that the bulk of the 771 cases (or 55 percent by value) that did not take heed of the amnesty pertain to non-remittance of export proceeds (328 cases values at US$215.8 million), externalisation by foreigners (213 cases valued at US$375 million), non-acquittal of imports (153 cases valued at US$75.1 million) and Panama Papers and others valued at US$150 million.

The President highlighted that the amnesty also pertains to cases that are before the courts where judgement is yet to be passed.