Thursday, 17 February 2022

CHARGES DROPPED AGAINST SIMBA MAKONI

The State has withdrawn charges before plea against former Finance Minister Simba Makoni who was facing allegations of violating the Exchange Control Act after trading products at his Power Speed Electrical shop in Harare using an exchange rate above the official rate that was at $88.55 at the time.

Prosecutor Ms Shiela Mupindu said they will proceed by way of summons once investigations are complete. Harare Magistrate Mr Tinei Manuwere withdrew the charges against Makoni as per the State’s request.

Makoni was jointly charged with his company.

The Exchange Control Act prohibits selling, displaying and offering goods or services for sale at an exchange rate above the ruling exchange rate in Zimbabwe.

It is said that on October 6 2021 the Reserve Bank of Zimbabwe received information that some companies that are procuring foreign currency at the forex auction are selling their products above the official exchange rate.

The State had it that the Reserve Bank Exchange Control Department deployed its officers to confirm the allegations by approaching a number of retail outlets.

On the following day, John Mashal Chinembiri and Tanaka Lincoln Sanyamahwe from Reserve Bank Financial Intelligence Unit Department visited Makoni’s shop where Chinembiri bought 750ml of Benzine for $423,65 while Sanyamahwe purchased the same product for US$2,42.

It is the State’s case that the two were issued with point of sale receipts reflecting a rate of $175 per USS1 which was above the official exchange rate of $88,55 that was prevailing on October 5, 2021. Herald

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