The Group has been unable to access the funds for more than a decade. Although the Group has received promises of repayment from RBZ, nothing has materialised.
“The funds on deposit with the RBZ originated from the listing of the Group on both Zimbabwe and London Stock Exchanges and the raising of funds from a number of substantial international investors. These funds were remitted to Zimbabwe and ultimately placed on deposit with the RBZ at the insistence of the then Governor… to be used for balance of payment support. The Group has been provided with a deposit slip statement by the RBZ in acknowledgment of the fact that the RBZ is indebted to the Group,” said the Group’s Executive Chairman, John Moxon.
Gideon Gono’s governorship term is ending this year and he won’t be eligible for re-appointment. If a new governor is appointed before Meikles gets its money, three consecutive governors will have come and gone before the money is repaid.
Meikles has also indicated that its inability to access this money represents the most significant challenge to the well-being of the Group.
“These funds are required for group purposes and the government is obliged to make them available,” said Moxon. “It is calculated that our inability to recover our deposit has resulted in the Group paying excessive interest of $7 million during the year under review. It is also anticipated that the interest costs in the forthcoming financial year will amount to $8 million, should we fail to recover the deposit.”
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