Reserve Bank of Zimbabwe Gets Tough With Zimplats

The Reserve Bank of Zimbabwe has put the screws on Zimplats after it issued an order blacklisting the mining company as well as blocking its access to banking services. The directive comes after Zimplats defied an order to repatriate funds in its offshore accounts.

The government decreed that all mining companies operating within Zimbabwe close their offshore accounts. RBZ Governor Dr Gideon Gono is quoted in The Herald  with some fighting talk saying that he would not allow Zimplats to keep defying the directive as it would result in anarchy.

Zimplats acknowledged receiving the directive and said that it had no problem with it and would be working with monetary authorities to sort the matter out.

We find all this posturing a bit silly be to be honest. Why it has taken Zimplats so long to regularise is beyond us given that Mimosa, which it has shares in got its act together in quick time. Unless Dr Gono is just flexing muscle and there is much ado about nothing then we think that Zimplats just needs to get with the programme. It is like indigenisation all over again. They stood in one corner and tried to play by their own rules thinking the government was just having a laugh.

Unless of course as we said, Dr Gono is bored and wants to be seen to be doing something.