News / National
Calls to prosecute 'externalisation' culprits
21 Mar 2018 at 01:32hrs | Views
INDIVIDUALS and corporates who failed to repatriate externalised funds amounting to $826.5 million should be brought to book in accordance with the dictates of the law, economists said yesterday.
In separate interviews following the release of names of individuals and corporate who failed to take heed of President Emmerson Mnangagwa's call to return externalised funds, they said accused persons should face the music.
Corporates in mining, agriculture and manufacturing sectors mainly constituted externalisers of funds through non-repatriation of export proceeds.
"I would think naming and shaming of the individuals and corporates for externalising funds is one of the initial and necessary steps the Government requires to do in line with the 'Zimbabwe is open for business' mantra," economic analyst, Dr Davison Gomo said.
"Those who externalised the funds have committed a crime. It's a crime against all of us. They should not only be forced to return the loot, they should face the music by bringing them to book."
Other analysts said it was important for any investor to respect and understand that Zimbabwe has laws and they should not just come to loot especially at a time when the Government has enunciated that the country is open for business.
Chinese nationals, retail and mining firms dominate the inventory.
"Naming and shaming of the individuals and corporates for externalising the funds is a step in the right direction particularly at a time when efforts are being made by the new political administration to attract foreign direct investment," added Dr Gomo.
Another analyst, Mr Trust Chikohora, said the onus was now on those listed to regularise their situation with the Reserve Bank of Zimbabwe.
"Generally, it is important to hold people to be accountable. Some of the companies on that list have closed down and due process should be allowed to prevail," he said.
Dr Gift Mugano said companies were given enough time to explain their situation and it was time to take them to court.
"Now it is time to take these people to court charging them for committing economic crime. The Exchange Control Act has provisions of what must be done now and in my view there was enough time for those people to explain their situation," he said.
Last week, President Mnangagwa announced that nearly $300 million had been returned while externalisers who had invested the funds offshore amounting to $680 million were working out plans for repatriation.
In separate interviews following the release of names of individuals and corporate who failed to take heed of President Emmerson Mnangagwa's call to return externalised funds, they said accused persons should face the music.
Corporates in mining, agriculture and manufacturing sectors mainly constituted externalisers of funds through non-repatriation of export proceeds.
"I would think naming and shaming of the individuals and corporates for externalising funds is one of the initial and necessary steps the Government requires to do in line with the 'Zimbabwe is open for business' mantra," economic analyst, Dr Davison Gomo said.
"Those who externalised the funds have committed a crime. It's a crime against all of us. They should not only be forced to return the loot, they should face the music by bringing them to book."
Other analysts said it was important for any investor to respect and understand that Zimbabwe has laws and they should not just come to loot especially at a time when the Government has enunciated that the country is open for business.
"Naming and shaming of the individuals and corporates for externalising the funds is a step in the right direction particularly at a time when efforts are being made by the new political administration to attract foreign direct investment," added Dr Gomo.
Another analyst, Mr Trust Chikohora, said the onus was now on those listed to regularise their situation with the Reserve Bank of Zimbabwe.
"Generally, it is important to hold people to be accountable. Some of the companies on that list have closed down and due process should be allowed to prevail," he said.
Dr Gift Mugano said companies were given enough time to explain their situation and it was time to take them to court.
"Now it is time to take these people to court charging them for committing economic crime. The Exchange Control Act has provisions of what must be done now and in my view there was enough time for those people to explain their situation," he said.
Last week, President Mnangagwa announced that nearly $300 million had been returned while externalisers who had invested the funds offshore amounting to $680 million were working out plans for repatriation.
Source - chronicle
