Monday, March 26, 2018

Chinese Companies and Individuals Externalize Money from Zimbabwe

Zimbabwe's Times Live ran a story on 19 March 2018 titled "Who is Zimbabwe's Biggest Looter? Mnangagwa Names Names" by James Thompson. The report says President Emmerson Mnangagwa identified Chinese mining and retail companies as dominating the list of "externalization" of foreign currency, i.e. moving money that is not the legal tender of the country outside Zimbabwe.

In a follow-up article titled "China Rejects Mnangagwa's 'Looters List'" by James Thompson on 21 March 2018, Times Live reported that the Chinese embassy in Zimbabwe said the list is not accurate. The article put the amount of money moved by Chinese nationals out of the country at $363 million.

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