Zimbabwe ‘recovers $850m looted funds’

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Zimbabwe President Emmerson Mnangagwa addresses a ruling Zanu-PF party rally in Bulawayo on June 23, 2018. State-owned Herald newspaper reports that the Zimbabwean government has recovered $850 million during a three-month moratorium aimed at getting looted funds back. AFP PHOTO | ZINYANGE AUNTONY

In Summary

  • President Emmerson Mnangagwa had announced the recovery plan for an estimated $1.4bn stolen by individuals and businesses after taking office last November.

Zimbabwe’s President Emmerson Mnangagwa has revealed that his government recovered $850 million during a three-month moratorium aimed at getting looted funds back, state-owned Herald newspaper reports.

Mr Mnangagwa had announced the recovery plan for an estimated $1.4bn stolen by individuals and businesses after taking office last November.

 

He made the revelations during discussions about measures being made to fight corruption on the continent at an African Union summit in Mauritania.

 

The 75-year-old leader – who is the candidate for the ruling Zanu-PF party in the 30 July presidential election – said that his government had also established an anti-corruption court and passed an ethics law.

“Corruption networks are becoming more sophisticated, hence the need to enhance information sharing amongst member-states’ law enforcement agencies and related institutions on the continent and beyond,” Mr Mnagangwa is quoted as telling his peers.

 

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