Seven cases of economic sabotage at various stages of prosecution

By Peter Chivhima

The National Prosecuting Authority (NPA) says it is currently dealing with seven cases of economic sabotage which are at various stages of prosecution.

In a statement released by the National Prosecuting Authority this Monday, the seven cases involve Capital Profits represented by Titus Madzara, Takudzwa Rafemoyo’s Vision Credit, Chemmodities Trading Private Limited represented Esau Bwerinofa, Patrick Musonza’s Titanium Capital Pvt Ltd, Terrerat Pvt Ltd represented by Samuel Chaodza and Justice Mahuni’s Juso Global.

According to the National Prosecuting Authority, Terrerat Pvt Ltd is being accused of 303 counts, Chemmodities Pvt Ltd 136 counts while Terrerat Pvt Ltd is facing 103 counts of allegedly contravening the Exchange Control Act.

All the suspects were arrested last year in a blitz launched by the Reserve Bank of Zimbabwe, targeting illegal foreign currency dealers.

The issue has since attracted the attention of the Senate, with the Deputy Minister of Finance and Economic Development, Honourable Clemence Chiduwa revealing 256 companies will face the full wrath of the law for manipulating the foreign currency exchange rate

“The Financial Intelligence Unit is working hard and so far we have arrested 256 big companies for manipulating the exchange rate. There are people who are manipulating the exchange rate with nothing to do with fundamentals and all the fundamentals are in place,” he said.

Speaking at the official opening of the Commercial Court Division of the High Court in Harare last week, Reserve Bank of Zimbabwe Governor Dr John Mangudya spoke on the need for severe penalties for economic crimes.