Published: 07 September 2018

Financial services group CBZ Holdings, says the outcome of ongoing investigations by the US Treasury Department's Office of Foreign Assets Control (OFAC) regarding historical transactions involving a party that was subject to OFAC economic sanctions, will not "create a dent" on its viability and going concern status.

The country's biggest financial institution with more than $2,5 billion in total assets, is subject to OFAC investigations, where it is alleged to have perpetrated 15,127 violations of US sanctions on Zimbabwe.

Initially, OFAC had put the penalty at $3,8 billion before revising it downwards to $385 million, but the Zimbabwe Stock Exchange listed entity, which is currently trading under a cautionary regarding the matter, said the penalty, if it comes, might not be material.
- Business Weekly

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