 Holding a juris doctor from Emory University School of Law, Rebecca Gaskin Gain serves as an independent non-executive director on the board of directors of CBZ Holdings, Zimbabwe's largest financial institution. Among her responsibilities as a board member, Rebecca Gaskin Gain helps CBZ Holdings fulfill its goals as an investment banking and corporate finance institution.
CBZ Holdings was recently cleared of charges brought against it by the U.S. Treasury Department. The U.S. Treasury Department had sought to levy a $385 million penalty against CBZ Holdings for allegedly having done business with a local financial services provider that was under U.S. sanctions. The Office of Foreign Assets Control of the U.S. Treasury Department sent a letter to CBZ Holdings stating the company would face neither sanctions nor a penalty. In reversing its decision, it had reviewed over 15,000 transactions that CBZ Holdings had completed for ZB Bank from 2009 to 2014. In response to the news, Marc Holtzman, the bank chairman of CBZ Holdings, said the lender would now be able to continue to develop its international business.
1 Comment
 Attorney Rebecca Gaskin Gain is an independent non-executive director of CBZ Holdings in Zimbabwe. In this role, Rebecca Gaskin Gain sits on the board of directors and has been instrumental in establishing the company as the premier financial institution in the country.
In the middle of reinventing itself, CBZ Holdings received good news late this summer when $385 million in sanctions against it were lifted. The US Treasury’s Office of Foreign Assets Control (OFAC) penalized the bank in 2017 for processing transactions from a local lender that had already been sanctioned. In 2008, OFAC placed sanctions on ZB Bank that were removed in 2016. However, OFAC had discovered that CBZ Holdings had participated in non-transparent payment transactions with the bank to or through the US during this time-in violation of these sanctions. In late August, CBZ Holdings received a letter lifting the sanctions and removing any penalties. However, the letter did warn the financial institution against processing transactions in violation of the OFAC sanctions program. The decision removes a black cloud that covered the institution. The fine itself was twice the value of the bank’s assets and market capitalization. In addition, this sanction has interfered with the institution being able to access lines of credit, completing regional and global transactions, and serving customers. |
AuthorInternational Finance and Energy Consultant, Rebecca Gaskin Gain, J.D. Archives
April 2025
Categories
All
|
RSS Feed
