IDCZ to close StanChart account

IDCZ to close StanChart account
Published: 29 January 2014

Foreign-owned bank Standard Chartered Zimbabwe has ordered the Industrial Development Corporation to close its bank account with the institution next month as part of widespread Western-backed sanctions crusade to stifle its operations.

The State-owned industrial giant said it was told by the British bank to close its account with the financial institution by the 17th of next month.

It was not clear how much IDC has in deposit with the British bank.

IDC general manager and group chief executive Mike Ndudzo said Western imposed sanctions had already resulted in interception of $2.1 million meant for its subsidiary, Olivine, and a facility with the Afreximbank.
- herald
Tags: IDC, Stan,

Comments

Latest News

Latest Published Reports

Latest jobs