HARARE, March 19 (Xinhua) -- Zimbabwean President Emmerson Mnangagwa on Monday named and shamed individuals and companies that failed to repatriate externalized funds and assets under a three-and-half month amnesty that expired on March 16.
He said out of a total of 1.4 billion U.S. dollars externalized in both funds and assets, 591 million dollars had been returned while 826.5 million dollars remain outstanding.
The externalization cases were put into three categories namely non-repatriation of export proceeds, payment for imports not received in Zimbabwe and funds banked in foreign banks in cash or under spurious circumstances.
The president revealed that funds banked in foreign banks in cash or under spurious circumstances constituted the bigger chunk of money not returned standing at 464.2 million dollars, followed by unrepatriated export proceeds at 237.4 million and payment for imports not received in Zimbabwe which stands at 124.8 million dollars.
The president said government had been left with no choice but to name and shame the culprits after they failed to comply with the reprieve.
"Despite concerted efforts by authorities and banks to request these entities and individuals to account for the externalized funds, the entities or individuals failed, ignored or neglected to respond to the amnesty.
"It is against this background that the authorities have no other recourse to cause these entities and individuals to respond, other than to publicize the names of entities and individuals so that the concerned parties take heed of the importance of good corporate governance and the legal obligations of citizenry, and where necessary, to ensure that those responsible for such illicit financial flows are brought to justice," Mnangagwa said.
According to the published list, firms that failed to repatriate export proceeds are those mainly in the mining, agriculture and manufacturing sectors.
Mnangagwa issued the amnesty last December as he seeks to fight corruption and shore up the ailing economy through investment attraction and harnessing the country's full potential.