BUSINESSMAN CAGED OVER US$7 MILLION FOREX VIOLATION
A Harare businessman Grant Chitate has been dragged to court for allegedly sending money out of Zimbabwe without getting permission from the Reserve Bank of Zimbabwe.
He was freed on US$1,000 bail and will be back in court on 2 September.
Chitate is in trouble for violating the Exchange Control Act and Exchange Control Regulations.
Between 2019 and 2024, Chitate and his company Grant Wellington Thulisa (Pvt) Ltd allegedly paid forv 9.4 million kilogrammes of gas, valued at US$7.6 million, using foreign bank accounts.
The money did not go through their Zimbabwean bank accounts, which is required, ot is alleged.
Their local bank records did not match the value of gas they brought into the country.Most business are doing that. The majority of those importing products from China do so using foreign banks. Some business people here do prefer to go to Zambia with their big
sums of money to deposit it into Zambian banks before it's wired to China. Our banking system is fucked up, so business people would be left with no any other better option besides sending their monies by foreign banks.
Info News
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