Home Crime & Courts Simba Makoni Arrested, Appears In Court

Simba Makoni Arrested, Appears In Court

by reporter263

Former Finance minister in the late President Robert Mugabe administration, Dr Simba Makoni, has appeared before the courts facing charges of violating the Exchange Control Act.
The court set Makoni’s trial date for February 17.
He is accused of selling products, at his Power Speed Electrical Shop in Harare, above the official rate of $88.55.
Makoni, who is jointly charged with his company, appeared before Harare regional magistrate, Stanford Mambanje.
The Exchange Control Act prohibits the selling, displaying and offering of goods or services for sale, above the official exchange rate in Zimbabwe.
It is said that on October 6 last year, the Reserve Bank of Zimbabwe received information that some companies were procuring foreign currency at the forex auction, and selling their products above the official exchange rate.
The Reserve Bank Exchange Control Department deployed its officers who approached a number of retail outlets.
The following day, John Mashal Chinembiri and Tanaka Lincoln Sanyamahwe, from the Reserve Bank Financial Intelligence Unit Department, visited Makoni’s shop.
Chinembiri bought 750ml of Benzine for $423,65 while Sanyamahwe purchased the same product for US$2,42.
The State alleged the two were issued with point of sale receipts reflecting a rate of $175 per US$1.
This was in contrast to the official exchange rate of $88,55 to the United States dollar, which was prevailing on October 5, 2021.
Meanwhile, Best Zone Pharmacy, represented by its director Isaac Chipako, appeared before the same court, facing the same allegations.
Chipako’s trial date was set for February 9. The court heard that Best Zone pharmacy sold Benylin cough syrup for $1260 or US$7, which was at a rate of $180 per United States dollar.
This was in contrast to the official $88.52 per United States dollar. Lancelot Mutsokoti appeared for the State.

H Metro

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