BESTZONE Pharmacy and its director Isaac Chipako were cleared of charges of violating the Exchange Control Act following allegations of trading in foreign currency rate above the official rate.
Harare regional magistrate Mr Stanford Mambanje cleared
Bestzone Pharmacy and Chipako after the State withdrew charges against him
before plea.
Bestzone Pharmacy and Chipako were arrested last year on
allegations of trading at $180 per US$1 which was above the official rate of
$88 per US dollar.
The State has since dropped charges against Consolidated
Farming Investments (CFI) trading as Farm and City and Electrosales which were
facing similar charges with Bestzone Pharmacy and its director.
Circumstances leading to Chipako and his company’s arrest
are that sometime in October last year, social media was awash with news that
Simbisa Brands was selling its product Russian Sausage for US$1 or $200 which
was above the official rate of $88.
Officials from RBZ responded to the social media news and
visited a number of outlets.
It was said that on October 7, 2021 Richard Mubata and
Humphrey Takaza from Reserve Bank Financial Intelligence Unit went to one of
the Bestzone Pharmacy’s branches and bought cough syrup for $1260 and also
bought the same product for US$7.
According to the State, Bestzone Pharmacy was trading using
the $180 rate which was above the official rate of $88.
Officials from RBZ took the matter to the police leading to
Chipako and his company’s arrest.
Chipako and his company were freed after the State dropped
charges against them. Herald
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