State withdraws Mavambo leader Simba Makoni case 

Source: State withdraws Mavambo leader Simba Makoni case – NewsDay Zimbabwe

By Desmond Chingarande 

The state has withdrawn the case of Mavambo party leader,  Simba Makoni who was accused of violating Exchange Control Act after he overcharged goods at his company.

Makoni (72) who is represented by Agency Gumbo had his case withdrawn before plea by magistrate Tinei Manuwere.

No reasons were proffered for withdrawing the matter.

Makoni was arrested together with his company Power Speed Electrical private limited.

Allegations were that the  Exchange Control Act prohibits sealing, displaying and offering of goods or services for sale at an exchange rate above the ruling exchange rate in Zimbabwe.

It is alleged that on October 6, last year it came to light that some companies who are procuring foreign currency at the auction floor are selling their products above the prevailing ruling exchange rate of ZWL88.5532 per US$1.00.

Acting upon the information, the Reserve Bank Exchange Control department officers went to confirm the allegations through approaching a number of retail outlets purchasing products.

On 7 October 2021, John Mashal Chinembiri and Tanaka Lincoln Sanyamahwe from Reserve Bank Financial intelligence Unit department went to Electrosales Hardware in Msasa.

Chinembiri was sold 1x 750ml of Benzine for ZW$ 423.65 and Sanyamahwe the same product for US$2.42.

The two were issued with a point of sale receipts reflecting a rate of ZW$175.00 per United States of America dollar (USD) against the ruling exchange role of ZWL88.55 per dollar published on 5 October 2021.

This resulted in the matter being reported to the police and investigations instituted established that the company and other directors fixed the selling price of the said goods.

The two accused persons were subsequently arrested.

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