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Govt Punishes Four Companies For Diverting Products To The Black Market

1 year agoSat, 27 May 2023 10:23:48 GMT
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Govt Punishes Four Companies For Diverting Products To The Black Market

The Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) says it has been receiving reports of some traders engaging in illegal business practices in breach of the Bank Use Promotion Act [Chapter 24:24] and the Exchange Control Act [Chapter 22:05].

In a press statement issued on Saturday, 27 May, FIU said the reported violations of the law include the failure to bank business cash receipts, and refusal to allow customers the option to pay for goods or services in local currency.

FIU said some traders are converting prices using illegal and punitive exchange rates to discourage customers from paying in local currency and charging higher US dollar prices for customers paying using transfers from foreign currency accounts (FCAs).

FIU warned traders that the practices are not only criminal offences prosecutable in the courts of law but are also administrative violations punishable under the Bank Use Promotion Act and the Exchange Control Act.

FIU said it has already started identifying and bringing to book traders committing these violations. It added:

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On 24 May 2023, the FIU froze the bank accounts of 4 major distributors, namely Saxin Trading, Simrac Enterprises, Brainscope Investments and Munella Enterprises, that have been diverting basic commodities to the informal market while refusing to supply same to established retailers who pay for and sell goods in local currency.

The FIU noted that these errant distributors transact almost exclusively in foreign currency cash yet they do not bank the cash as required under the Bank Use Promotion Act.

The entities are being penalized and will further be referred to the Zimbabwe Revenue Authority for suspected tax evasion.

The FIU has also increased surveillance operations, identifying and taking punitive action against traders engaged in exchange rate manipulation and all other illegal practices.

FIU urged members of the public to report any illegal business practices as described above, to the FIU WhatsApp hotline numbers: 0780 434 475 and 0719 207310.

The Government recently accused business of sabotaging its efforts in stabilising the economy.

More: Pindula News 

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15 Comments

Nembudziya · 1 year ago
Ko vema service station havasi kupiwa foreign currency allocation ne RBZ here, yet havatore local currency, Saka ichashanda kupi... Ipapo panoda kutariswa
Anonymous · 1 year ago
Hatisi tose muZanupf...
Anonymous · 1 year ago
Supermarkets need to be investigated as well like Greens Bulawayo and Spar Bulawayo they are putting high USD prices some supermarkets are charging the proper prices for certain basics and the same product is triple the price by them and selling certain products strictly in USD is this right,bread now almost USD2 we hope something can be done about this please FIU.
Anonymous · 1 year ago
What can we expect?
Anonymous · 1 year ago
Batai mamwe masaboteur awa Not related to this story but it's still sabotage On Friday I visited DCK bakery which is owned by the president in the CBD of Gweru intending to buy two loaves of bread Their bread costs 0.55USD each I gave the lady 1USD and enquired how many Rtgs I should top up with in order to get two loaves I was told that 10 cents was equivalent to 350 bond What a shock! Are these guys practising what they preach?
Mush Tee · 1 year ago
varikutamba nechii
Aj · 1 year ago
Zimbabwe Select is playing against the Pakistan Shaheens. They are both A-sides. Zim is preparing for the world cup qualifiers which we will be hosting
.. · 1 year ago
so this is more of a friendly match, if it was soccer?
Hokage · 1 year ago
🏏brilliant cricket we're witnessing today Zimbabwe sit at a mouth watering 344-5 at 47 overs grab your buckets , extinguishers cause Craig Evans is on fire today , 171 runs
Aj · 1 year ago
@Hokage, wow a mammoth total of 344runs yeeeyi. This is great, Ervine is in form another century and a half he is on fire. So how many runs did Raza and Kaia also add.

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