Zimre off US sanctions list

Zimre off US sanctions list

HARARE, January 13 (The Source) – Insurance company Zimre Holdings has been removed from United States sanctions list, US Treasury announced on Thursday.

The United States government imposed financial sanctions on President Robert Mugabe, his family and senior officials as well as government-related businesses in March 2003, over charges of undermining democratic institutions and processes in Zimbabwe.

Zimre Holdings was placed on the list in 2008 when government was the major shareholder. As at December 31 2015, government owned 21.67 percent shareholding while the state pension fund National Social Security Authority had 13.32 percent.

In terms of the sanctions, the US Treasury department, through its Office of Foreign Assets Control (OFAC), prohibits transactions — by US persons or institutions — involving individuals and entities on the sanctions list.