Zimbabwe’s new President Emmerson Mnangagwa has offered a three-month amnesty for individuals and companies to surrender public funds illegally stashed abroad.<\/p>\n
In a statement, he said the government will prosecute those who fail to comply when the amnesty ends in February.<\/p>\n
“Such malpractices constitute a very serious economic crime against the people of Zimbabwe,” Mr Mnangagwa said.<\/p>\n
Since taking office last week, he has pledged to crack down on corruption.<\/p>\n
“Huge sums of money and other assets” have been “illegally externalised by certain individuals and corporates,” the president said in a statement.<\/p>\n
“Those affected are thus encouraged to take advantage of the three-month moratorium to return the illegally externalised funds and assets in order to avoid the pain and ignominy of being visited by the long arm of the law,” he added.<\/p>\n
Mnangagwa’s reference to Operation Restore Legacy – the military operation that led to President Mugabe’s resignation – appears to have specific public officials in mind.<\/p>\n
The operation has already seen\u00a0former finance minister Ignatius Chombo arrested and charged with corruption, charges his family says are “trumped up”.<\/p>\n
Since 2009, Zimbabwe has been using the US dollar as its main currency after abandoning its own local dollar.<\/p>\n
The reserve bank says this has led to massive smuggling of the greenback to offshore accounts. It estimates that $2bn is illegally held in foreign bank accounts.<\/p>\n
There is a shortage of cash in the country that has fuelled a black market trade, especially among importers looking for cash to import goods for resale.<\/p>\n
The move to recoup lost public funds is seen as an attempt to boost Zimbabwe’s ailing economy which is half the size it was at the turn of the millennium.<\/p>\n
The economy has struggled since land reforms were introduced in 2000.<\/p>\n
These reforms saw white-owned farms redistributed to landless black Zimbabweans – and those with good political connections – which led to sharp falls in production.<\/p>\n
His predecessor, Robert Mugabe, left office dramatically after 37 years of authoritarian rule last week.<\/p>\n
His departure followed a power struggle in which Mr Mnangagwa was sacked as vice-president to pave the way for Grace Mugabe, the then-first lady, to take up the presidency.<\/p>\n
Mr Mnangagwa fled the country but returned to a hero’s welcome and vowed to serve all citizens.<\/p>\n
“I am required to serve our country as the president of all citizens regardless of colour, creed, religion, tribe, totem or political affiliation,” he said.<\/p>\n
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