CBZ Holdings Cleared of $385 Million Penalty

A graduate of Wake Forest University and the Emory University School of Law, Rebecca Gaskin Gain spent four years as a principal of Nexant Inc. in Washington, DC. In 2020 Rebecca Gaskin Gain joined CBZ Holdings, a financial institution serving businesses and individuals in Zimbabwe, as an independent non-executive director.

In August 2020, the US Treasury Department cleared Zimbabwe’s largest lender of a $385 million penalty that had been assessed for processing transactions for a sanctioned local lender. The pardon required a thorough review of more than 15,000 transactions made by CBZ Holdings on behalf of ZB Bank over a five-year period. According to the US Treasury Department, the review did not justify sanctions or a penalty, which means CBZ can proceed in its international business development.

CBZ Holdings is led by chairman Marc Holtzman, who has more than three decades of executive experience with financial firms such as Barclays and ABN Amro Bank. Mr. Holtzman expressed satisfaction with the announcement, stating that he looks forward to developing correspondent relationships with lenders in the Western world.