Impala’s Zimbabwe Unit Halts Exportation

Bloomberg reported Impala Platinum Holdings Ltd. (JSE:IMP) denied breaking the law after banks in Zimbabwewere ordered to stop processing exports until its shifts its accounts.

As quoted in the market news:

The May 23 central bank directive suspending banking services for the company over its use of offshore accounts is “unfortunate,” Johannesburg-based Impala said today in a statement. It prevents banks from facilitating international transactions for Zimplats.

The restrictions add pressure to Impala’s operations in Zimbabwe, where the government is also requiring it to sell a controlling stake to locals. Zimplats accounted for 17 percent of Impala’s earnings excluding one-time items in fiscal 2011.

Click here to read the full Bloomberg report.