adminZimbabwean companies, ZB Financial Holdings (including its banking subsidiaries) and the Industrial Development Corporation (and subsidiaries Chemplex Corporation and Zimbabwe Fertiliser Company) have been removed from the United States’ sanctions list.The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) released an update showing the removal of these companies from its list of Specially Designated Nationals and Blocked Persons that were designated under the Zimbabwe sanctions programme.
The latest update also shows that a number of individuals and some farms have also been removed from the list.The sanctions have affected local companies that were on the list in respect of the freezing of their foreign bank accounts making it difficult for them to trade.
In addition, due to the resultant negative perceptions by international financial markets, local companies – particularly those on the OFAC list – were finding it increasingly difficult to access lines of credit because of the perceived country risk, hence they have had to pay cash for imports.
In August, ZBFH chief executive Mr Ron Mutandagayi told BH24 that he had met with the Economic and Political Counselor at the United States Embassy, and was close to meeting with the US ambassador to make direct representations over removal of the financial services provider from the list. – BH24.
Online Reporter