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(NEWZIMBABWE) Zimplats denies breaking the law

Zimplats denies breaking the law
28/05/2012 00:00:00
by Business Reporter

PLATINUM miner Zimplats has denied breaking the law after the central bank ordered local banks to stop processing exports for the company until it shifts foreign accounts onshore.

The RBZ directive suspending banking services for the company over its use of offshore accounts prevents banks from facilitating both local and international transactions for Zimplats.

But in a statement Tuesday Zimplats said the existence and operation of its offshore bank accounts is contained in the terms of an agreement between the company and the government.

“The directive is most unfortunate because Zimplats understands and fully embraces the policy objectives of the directive and will comply with it,” the company chief finance officer Patrick Maseva-Shayawabaya said.

Zimplats said it puts 75 percent of its total spending through the Zimbabwean banking system, with the balance relating mainly to the servicing of offshore loans “which were raised with the knowledge, support and approval” of the central bank.

“Management recently discussed this matter with the RBZ and believed that the voluntary measures instituted by the company adequately addressed the concerns of the authorities,” Maseva-Shayawabaya added.

“Management is working closely with the RBZ to ensure that the localisation of the off-shore bank accounts is implemented smoothly and that the provisions of the company’s agreements including its off-shore loans, are honoured.”

Labels: BANKING, RBZ, ZIMPLATS

posted by MrK @ 3:54 PM