HARARE: Zimbabwe has lost an estimated $12 billion through illegal trade involving multinational companies from rich countries involved in the mining sector here.
The amount siphoned off is enough to pay off the country’s total debt – estimated at just under $10 billion. A new report, entitled Capital Flight, Natural Resources and Institutions in Zimbabwe and compiled by Zimbabwean researchers and academics, reveals that the multi-billion capital flight has taken place over the last three decades – largely through falsified invoicing.
According to the researchers, trade in the major minerals involves companies from Zimbabwe’s main trading partners, which include South Africa, Canada, Australia, UK, China and the US.
