Friday, 14 September 2018

MAGAMBA CHARGED WITH EXTERNALISATION

Magamba Cultural Activist Network Trust ( Magamba Network) has appeared in court on charges of externalisation after it transferred money to an international account without authorisation from the Reserve Bank of Zimbabwe (RBZ).

Magamba Network’s creative director Sam Monro, appeared before Harare magistrate Ms Learnmore Mapiye on behalf of the organisation. The matter was remanded to October 11 for trial commencement.

Prosecuting, Ms Francisca Mukumbiri alleged that on June 3, 2014, Magamba Network transferred $5 150 from their Stanbic account to a solid ground holdings account held with Mauritius Commercial Bank Limited.


It is further alleged that on June 19, 2014 Magamba Network transferred $5 300 into the same account in Mauritius.

The network did this without seeking the approval of the Exchange Control Authority. Information came to light through an informer who made a report to the police. Herald

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