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'Recovering looted offshore funds taxing'

by Staff reporter
17 Apr 2020 at 08:25hrs | Views
RECOVERING billions of dollars spirited away to foreign jurisdictions by corrupt syndicates will be a lengthy and painstaking process, although anti-graft authorities are determined to recover the loot, the Zimbabwe Anti-Corruption Commission (Zacc) says.

Zimbabwe, battling to secure fresh lines of credit support to revive its floundering economy, is losing close to US$2 billion annually due to corruption.

According to Zacc, the bulk of the loot is stashed in foreign jurisdictions that include the United Kingdom, Virgin Islands and South Africa.

Zacc chairperson Justice Loice Matanda Moyo told the Zimbabwe Independent that recovering the staggering amounts of money concealed in foreign territories and dismantling graft cartels will take time.

As reported by this newspaper last week, the Zimbabwe Revenue Authority (Zimra), seeking to bust a cartel of freight firms which has prejudiced the country of an estimated US$1 billion through tax evasion and smuggling of haulage trucks and goods, says it will engage "extra territorial" authorities.

An investigation into the haulage trucks smuggling saga has since begun, with the Special Anti-Corruption Unit (Sacu) housed in President Emmerson Mnangagwa's office spearheading the probe.

Last year, the Independent reported that moribund state airline Air Zimbabwe had begun identifying and repatriating some of its resources stashed in foreign jurisdictions.

At that time, the Independent uncovered a shadowy company registered in the UK in the name of Air Zimbabwe with £5 million in its books of account.

Curiously, the firm, incorporated at UK Companies House, had a certain Robert Mugabe as one of its directors.

Source - the independent