Mnangagwa Wrongly Listed 40 Companies On Looters List: CZI

6 years agoSun, 01 Apr 2018 08:47:53 GMT

Mnangagwa Wrongly Listed 40 Companies On Looters List: CZI

The Confederation of Zimbabwe Industries (CZI), is pressing government to clear 40 of its members who were “wrongly” listed as money externalisers by President Emmerson Mnangagwa.

Speaking to Daily News, CZI president Sifelani Jabangwe said 32 of the 40 companies under its auspices have submitted full documentation proving they were wrongly implicated and want to clear their names. Jabangwe said they are meeting Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya on Monday to discuss the issue. Said Jabangwe:

We have therefore fixed a meeting with the RBZ governor on Monday as part of efforts to clear ourselves and return to normal business. Thirty two of our companies have come forward and submitted documents seeking to clear their names. We believe the remaining eight are either sorting their documents or they are returning the money if they truly externalised. We have examined the documents and realised that trading issues were mistaken for externalisation. We are going to be explaining to the governor that it’s not possible that all those companies could have externalised funds. The companies have supplied us with documents indicating they were simply exporting or importing but the transactions could not be processed on time for various reasons and the bank thought it was externalisation. For example, if a payment for import or export has been made for 90 days and there is a delay, it could easily be mistaken for externalisation. We have companies which have those issues; whose payments were overdue. Remember Zimbabwe has a poor credit rating and when you are exporting for example, the foreign partner will only pay when they have received the goods.