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Reserve Bank Of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya has shown his teeth after his zero tolerance policy on illegal forex trading got a top executive Zvikomborero Kapfeni of Nordship Investments in the dock.
The Governor declared war on illegal forex dealing and many critics thought it was all talk and no action but not for a Harare firm which was on Tuesday arraigned before the courts on charges of illegally dealing in foreign currency.
Representing the State, Caroline Mutimusakwa told the court that, “On December 21 2020, Nordship Investments connived with Mberengwa Rural District Council (RDC) chief executive officer, Thomson Mayeresera and finance executive, Joice Gumbo to trade US$7 272.73 for local currency.”
Nordship Investments allegedly bought foreign currency at black market rate of US$1: $110 and made a transfer of $80 000 to Mberengwa RDC’s ZB bank account on December 23 2020, the court heard.
Nordship Investments and Mberengwa RDC are both accused of illegally dealing in foreign currency contravening the Exchange Control Act Chapter 22.05 as read with Section 4 (1) (1).
Zvikomborero Kapfeni was remanded to April 20 for trial.
Some critics believe it is just an isolated incident as most of these forex dealers are not being prosecuted arguing many of them are in government.Nonetheless this case in point does prove the RBZ finally is no longer a toothless bulldog especially relating to abusing forex currency auction (FCA) funds.
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