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FINANCIAL services group, ZimRe Holdings Limited has been removed from US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctions list in a development expected to make the company attractive to foreign investors.
OFAC took action after ZimRe submitted a petition for removal in late 2016.
ZimRe had been on sanctions since July 25, 2008 following the signing of an executive order by the then US President George Bush that expanded the sanctions list to include companies registered in Zimbabwe perceived to be owned or controlled by the Government of Zimbabwe.
But last Thursday OFAC revoked the listing of the ZimRe as a Foreign Designated National and deleted ZimRe from the OFAC list of Specially Designated Nationals.
ZimRe chief executive officer Stanley Kudenga said the development opens new horizons for the group.
“One key area of focus that we will now be able to work on is our Sadc regional presence and growth strategy.
“Our regional operations were being seriously constrained by the OFAC sanctions,” said Mr Kudenga.
“At one stage there were thoughts of listing the regional operations on Botswana Stock Exchange and this was suspended mainly because of OFAC.
“Now we have all the flexibility we need to roll out our regional growth and expansion strategy and create a strong reinsurance group in the Sadc.
“We have the backup of strong skills base, an established network and strong goodwill to be dominant in the markets we operate without the limiting factor of OFAC sanctions.
“We are going to become an international player of repute,” he added.
Mr Kudenga said the group can now raise international capital at competitive pricing for expansion and ensure strong growth in shareholder value.
“ZimRe appreciates OFAC’s quick action and deletion of ZimRe from OFAC’s list of Specially Designated Nationals.
“This is a positive start to 2017 and ZimRe looks forward to continuing to grow its business in 2017 and beyond,” Said Mr Kudenga.
“This is a very significant milestone for the ZimRe which heralds a new chapter for the expansive and diversified investment Group.
“It means we have to re-strategise from a number of perspectives in view of this key development.
“It also means that we will be able to expand our operations, trade freely and compete on an even playing field in both the domestic and regional markets.”
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