Financial services group ZimRe Holdings Limited (ZHL) is making a final push to recover more than US$1,1 million frozen by US authorities during the sanctions era, businessdigest can reveal.
ZHL was blacklisted in 2008 by the US’s Department of the Treasury’s Office of Foreign Assets Control (Ofac), alongside 16 other entities and one individual. The sanctions followed accusations that the group was propping up former President Robert Mugabe’s regime, which the US alleged was undermining democratic processes.
The late strongman left power in a 2017 coup before passing on in Singapore two years later.
At the time sanctions were imposed, the Zimbabwean government held a 43% stake in ZHL. That shareholding has since declined to 27,38%.
The firm has faced enduring obstacles in retrieving its locked funds despite the lifting of sanctions.
Speaking on the sidelines of the group’s recent annual general meeting, ZHL chief executive officer Stanley Kudenga said the company was now working closely with the State of New York in a fresh effort to unlock the funds. He confirmed progress had been made, with US$300 000 of the frozen amount expected to be recovered soon.
“We have had some traction. I think right now there is an element of about US$300 000 to be recovered in terms of progress so far,” Kudenga said.
“We are now working with the State of New York to make sure that we recover it.”
- ZimRe makes final push for funds blocked in US
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He added that the group had been provided with information and guidance on how to navigate the process. To date, ZHL has already reclaimed nearly US$1,7 million, leaving US$1,1 million still outstanding.
“We cannot really put a timeline because that is beyond us in terms of process and speed,” Kudenga noted.
“But, at least now we are hopeful because there is the exchange of paperwork, documents, and the questions asked and answered.”
Previously, Kudenga revealed that one of the major hurdles ZHL faced was that some of the frozen funds were intercepted while in transit from business partners. Some of those partners have since folded, while others have undergone management changes — making recovery even more difficult, should the US choose to reroute the money.
The lifting of sanctions in 2017 prompted ZHL to streamline its operations. The group phased out its multi-branding strategy in favour of a mono-branding model across its reinsurance units, a move aimed at strengthening its financial position.
As of March 2025, ZHL reported a 7% increase in total assets, reaching US$223,04 million. The growth was driven largely by net cash generated from operations.
