Chinese Jinan Mining Under Investigation For Transferring US$546 million

Mining and Exploration
18/04/2015 14:04

According to Zimbabwe's Financial Gazette, Chinese diamond mining firm, Jinan Mining, is under investigations for allegedly externalising close to half a billion dollars through BancABC. The latter is said to have facilitated the transaction and failed to inform the central bank about the movement of the cash outside the country. The money was then routed it back as investment. The Financial Gazette adds that Jinan's case highlights long-held fears that diamond mining companies in Chiadzwa have been looting resources, depriving the country of meaningful revenue in the form of taxes and dividends in the case of firms jointly held by the government.