Govt Yet To Return US$10 Million Raided From Stanbic Escrow Account - Report

The Zimbabwean government is yet to return the US$10 million project funds raided from the Stanbic Bank escrow account though it has promised the Chinese to do so.

A senior government official who spoke to The Independent said that the Chinese-funded projects are continuing but they can only be completed with funding from the China Exim Bank. Said the official:

The government has made a commitment to return the money although it has not yet reflected in the escrow account. So as it stands, the matter has not been resolved.

The Chinese have been patient on the matter and want the projects to continue. The projects are continuing using funds provided by the contracting companies. But for the projects to be completed the China Exim Bank funding is needed.

It was widely reported several weeks ago that the Reserve Bank of Zimbabwe (RBZ) had raided US$10 million from the Stanbic Bank escrow account.

The development resulted in the China Exim Bank holding funds for three infrastructural projects—the US$1,1 billion Hwange Thermal Power Station units 7 and 8 refurbishments, US$153 million Robert Mugabe International Airport expansion and the US$71 million NetOne expansion.

More: The Independent