RioZim Sues RBZ Over Forex Allocations

In a cautionary on Tuesday, Zimbabwe Stock Exchange listed mine RioZim said it is taking steps to sue the Reserve Bank of Zimbabwe (RBZ) over its failure to allocate foreign exchange to its mines.

RioZim owns Renco Mine in Masvingo, Dalny Mine in Chakari, Cam & Motor Mine and Empress Nickel Refinery in Kadoma. RioZim holds a 50% interest in Sengwa Colliery in Gokwe. It has 22.2 percent interest in Murowa Diamonds in Zvishavane. RBZ agreed to give RioZim 50 percent, but this has seen fallen to 30 percent after central bank’s last policy measure. Part of the cautionary reads:

he Company has engaged the Central Bank on numerous occasions over the issue and minimal progress has been made in improving the situation. Therefore in addition to the other measures that the Company is considering to address the situation, the Company has proceeded to formally serve the Reserve Bank of Zimbabwe with its notice advising it of its intention to file legal proceedings against the Reserve Bank of Zimbabwe for a claim demanding that the Central Bank complies with its directives and policies, and also, for compensation for any losses that the Company has suffered as result of the Central Bank’s non-compliance with its directives from 2016 to date.

More: NewZWire

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