CBZ Holdings Gets Positive Outcome from OFAC Review

Corporate lawyer Rebecca Gaskin Gain possesses extensive experience in facilitating financing programs that support the growing economies of many countries in Africa. Rebecca Gaskin Gain serves as an independent non-executive member of the board of Zimbabwe’s largest finance and investment Banking institution, CBZ Holdings.

CBZ Holdings gets a positive outcome from the US Department of Treasury’s Office Foreign Assets Control (OFAC) after the federal agency has reviewed over 15,000 transactions that CBZ Holdings has facilitated for ZB Bank Limited. CBZ Holdings faced the possibility of being sanctioned with penalties amounting to $385 million for processing the transaction of ZB Bank Limited from 2009 to 2014. During those years, ZB Bank Limited was under sanctions from the American government.

Based on OFAC’s review, there was nothing illegal in the transaction. Consequently, OFAC has cleared CBZ Holdings from all penalties and charges. CBZ Holdings chairman Marc Holtzman felt relieved that the issue ended positively for CBZ Holdings, and that the bank can now begin re-engaging with lenders in the western world and continue with developing its international business.