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RBZ to freeze bank accounts over illegal forex deals

Published

3 years ago

September 28, 2021

BY MACDONALD DZIRUTWE

The Reserve Bank of Zimbabwe has ordered banks to freeze bank accounts for two years for 30 people it has accused of promoting and facilitating illegal foreign currency trading, it said on Tuesday.

The southern African country has for years struggled with acute foreign exchange shortages and only re-introduced its own domestic currency in 2019, ending a decade of dollarisation.

But the local currency has been losing value and now trades on the black market at premiums of up to 100% of its official rate of 86 Zimbabwe dollars to the United States dollar.

RBZ Governor John Mangudya published a list of names he said were using social media platforms and mobile telecoms services to facilitate illegal forex trade and money laundering.

Zimbabwe’s foreign currency shortages mean that many citizens can only access dollars on the black market.

Some dealers advertise their services in WhatsApp groups, which the government says is an offence.

Mangudya said the central bank’s Financial Intelligence Unit (FIU) had instructed banks “to identify and freeze any accounts operated by these individuals and, further, to bar them from accessing financial services for a period of two years, with immediate effect”.

The telecoms regulator would also stop the listed people from operating mobile phone lines, said Mangudya.

Analysts say the official exchange rate, which is calculated from a weekly forex auction, is artificial and that businesses were setting prices using black market rates.

The central bank and national treasury often bristle at criticism of its exchange rate policy and argue that black market rates were not supported by any economic fundamentals.

Mangudya said the FIU had forwarded the names of the accused individuals to law enforcement agencies for prosecution.

Vice President Constantino Chiwenga last week issued a threat against parallel-currency market traders when he addressed business executives at during the Zimbabwe International Trade Fair in Bulawayo.

“I wish to warn the perpetrators of this heinous crime that the long arm of the law will soon catch up with them,” Chiwenga said. – Reuters/Staff Reporter

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Tsholotsho burglar lands six-month jail term

Published

8 hours ago

January 15, 2025

VicFallsLive

BY COURT REPORTER

A Tsholotsho man’s life of crime came crashing down when he was sentenced to six months in prison for burglary.

Mengesi Sibanda, 26, from Susumani line, was convicted of stealing ZAR1600 in cash from a complainant’s bedroom on January 9.

The court heard that Sibanda had unlocked the complainant’s bedroom door and made off with the cash. He then gave ZAR1500 to his accomplice, Zikhiye Ncube, who transported the stolen money to South Africa and handed it over to Sibanda’s wife.

Meanwhile, Sibanda blew ZAR100 of the stolen cash on beer at local outlets.

In passing sentence, the Tsholotsho Magistrates’ Court condemned Sibanda’s actions, saying he had shown no remorse for his crime.

Sibanda was sentenced to 12 months in prison, with six months suspended on condition of restitution. He will serve an effective six months behind bars.

Lupane

Lupane man jailed for 12 months over domestic violence

Published

8 hours ago

January 15, 2025

VicFallsLive

BY STAFF REPORTER

A Lupane man has been sentenced to 12 months in prison for physically abusing his wife on two separate occasions.

The incidents occurred on December 27, 2024, and January 2 this year, with the accused assaulting his wife with open hands, fists, and a whip, causing injuries to her face and body.

The court heard that the first incident was sparked by a domestic dispute over the complainant’s whereabouts on Christmas Eve.

The accused became violent, assaulting his wife, who managed to escape and seek refuge at her aunt’s homestead.

In a shocking turn of events, the accused visited his wife at her aunt’s homestead, seeking forgiveness, and she agreed to return home with him.

However, upon their arrival, the accused again accused his wife of infidelity and assaulted her multiple times with a whip.

The court sentenced the accused to 12 months in prison, with six months suspended on condition of good behavior.

In Zimbabwe, domestic violence is a serious crime, and perpetrators can face up to 10 years in prison under the Domestic Violence Act [Chapter 5:16]. The court’s decision in this case sends a strong message that domestic violence will not be tolerated.

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Prof. Gandiwa appointed new ZimParks director general

Published

1 day ago

January 14, 2025

VicFallsLive

BY STAFF REPORTER

The Zimbabwe Parks and Wildlife Management Authority (ZimParks) has announced the appointment of Professor Edson Gandiwa as its new Director General, effective immediately.

According to a statement released by ZimParks, Prof. Gandiwa brings over 20 years of experience in wildlife conservation and higher education to the role. Previously, he served as Director of Scientific Services at ZimParks from 2021 to 2025.

Prof. Gandiwa’s impressive academic credentials include a PhD in Wildlife Conservation and Management from Wageningen University and Research in the Netherlands, as well as a Master’s degree in Tropical Resource Ecology from the University of Zimbabwe.

A renowned expert in his field, Prof. Gandiwa has authored over 200 peer-reviewed scientific publications and currently chairs the African Elephant Fund Steering Committee under the United Nations Environment Programme.

His appointment follows the departure of Dr. Fulton Mangwanya, who has taken up a new role as Director General in the President’s department.

ZimParks spokesperson Tinashe Farawo welcomed Prof. Gandiwa’s appointment, saying his expertise would be invaluable in driving the organization’s conservation efforts forward.