IDCZ to close Standard Bank account


STANDARD Chartered Bank has ordered the Industrial Development Corporation of Zimbabwe (IDCZ) to close its account as the effects of the economic embargo take a toll on the State-owned entity, an executive told a parliamentary committee yesterday.

By Victoria Mtomba
Business Reporter

Presenting oral evidence before the Portfolio Committee on Industry and Commerce, IDCZ general manager Michael Ndudzo said the company was facing many challenges that included sanctions and had not received any government funding for the past 22 years.

“We have been told to close our accounts at Standard Chartered by the end of this month. We received official communication on January 10 instructing us to close the account by the 26th of this month,” Ndudzo said.

“We cannot do electronic transfers as a corporation, it’s suffocating us.

“It seems our corporation must not be allowed to breathe because it’s perceived to be buttressing the economy.

“Although the European Union took us out (of the sanctions list), we are still there on Zidera (The Zimbabwe Democracy and Economic Recovery Act),” he said.

Zidera was passed by the United States Congress sanctioned to provide for a transition to promote democracy and economic recovery in Zimbabwe.

The corporation last year lost $2,1 million from Olivine Industries and $20 000 to Office of Foreign Assets Control.

Agribank and Infrastructure Development Bank of Zimbabwe were removed from the United States sanctions list last year. IDCZ subsidiaries include Almin Metal Industries, Amtec, Sunway city, Allied Insurance, Zimbabwe Copper Industries, Deven Engineering, Willowvale Mazda Motor Industries, Sable Chemicals, Zimphos, Dorowa Mineral among others.


  1. Mr Ndudzo must come clear and tell the nation the truth. The closure of the account definitely has nothing to do with the sanctions because this is not operated in the United States or Europe. What financial misdemeanours have been perpetrated by IDCZ which has led Standard Chartered Bank Zimbabwe to order them to shut down their account(s)? This decision was taken by local management of the bank who have been watching the goings-on related to the said accounts. The MPs were duped. The man is a deadly lier.

  2. Zidera is administered by the United States. Standard Chartered is headquartered and run from London which is part of the EU that removed sanctions on them. The decision to shut their account is by local Stanchart management. So, which sanctions are affecting what? Any clarifications needed here?

  3. I will bet you my bottom dollar there is a Muchechetere and Cuthbert schemes going on here!
    The excuses all sound familiar.

  4. Kikikikiki Mr. Ndudzo you are now afraid because your brothers in crime have been cornered. We are now descending on you; very soon we will be at your offices in Parklane. You are used to eating what you didn’t sow.

  5. While it is true that as an organisation they (IDCZ) may not be able to do electronic transfers because most electronic transfers systems are administered in the US particularly if they are international transfers. Zimbabwe as a country we have always relied on the US system for electronic transfers it takes innovative business leaders to beat this the system. Yes it is possible to beat the system. Mr Ndudzo must just stop winning and stand up and go find solutions out there. The management team need to have a mind shift and take responsibility. I am surprised Mr Ndudzo is still talking about government 22 years down the line forget about government subsidy and move on a leader.

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