US lifts sanctions off Zim companies, individuals

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THE United States has removed from the sanctions list individuals and companies that were barred from doing business with American companies.

BY TARISAI MANDIZHA

The removal from the US Foreign Assets Control (Ofac) list was done on Tuesday.

Companies that have been removed from the list include ZB Financial Holdings Limited, Industrial Development Corporation of Zimbabwe (IDC), Scotfin Limited, Intermarket Holdings Limited, Chemplex Corporation Limited and Zimbabwe Fertiliser Company.

Individuals listed include Aeneas Chigwedere, Sabina Mugabe, Charles Utete, Jocelyn Chiwenga, Cephas Msipa, Georgina Nkomo, Abina Chapfika, Ever Chombo and Rudo Charamba.

Ofac administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States.

In an interview with NewsDay, IDC chief executive Mike Ndudzo said sanctions have hampered the company from operating under normal conditions.

“The removal of IDC from the OFAC means recovery. Our assets and resources will become accessible. We are now able to trade normally and access funding. The financial institutions that used to give us credit had stopped due to sanctions, but now we will be able to access funding,” he said.

“We are happy about the development. The company incurred losses, but it’s behind us. We are looking forward the future.”

Chemplex Corporation chief executive officer Misheck Kachere said the removal of Chemplex on the sanctions list was a positive development and the company would be able to access over $2 million which was held by Ofac.

“It’s good for us and we can trade more openly. In the past two years, our operations were being affected in terms of business trade but now since we are no longer on sanctions list, we can trade more freely as in the past we have seen a lot of investors shunning us because of sanctions,” he said.

Kachere said the company would begin processes to recover its money held by Ofac.

11 COMMENTS

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  3. This is just one of the reasons why Africa needs seats on the UN Security Council or form a more inclusive and rational organization.

    • You are very right because as far as I am concerned issues concerning us and decisions regarding us are affected by this absence of two Africans to represent Africa. Decisions for us are made in our absence. This really needs to be changed. Vanhi vanoti Mugabe anowawata but Mudhara Uyu has a deeper understanding on how this is impacting on Africa as a whole.

  4. I think this makes it clear to all the doubting Thomases. When these companies’ executives were telling the world that operations were hampered by sanctions everyone was laughing and saying they were lies now its here for everyone to see. We thank America for this kind heart to remove Chemplex from the sanctions; surely America deserves a thumps up on this. We also wish Chemplex, IDC, ZFC and all the other companies removed from the sanctions list all the best.

  5. There is nothing to celebrate on this one it strips our sovereignity because alone we can do it.
    Yes we don’t have our currency but we can do vema BOND ARI 100% PROUDLY ZIMBABWEAN

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