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Ex-Finance Minister Simba Makoni Arrested For Exchange Rate Violation

Crimes Courts

20 Oct, 2021 | Posted By: Staff Reporter

Ex-Finance Minister Simba Makoni Arrested For Exchange Rate Violation

Former finance minister Simba Makoni appeared in court Tuesday accused of using black market currency exchange rates at his business.

Makoni was not asked to plead to a charge of contravening exchange control regulations during a brief appearance before magistrate, Stanford Mambanje.

Mambanje released the 71-year-old on free bail.

The National Prosecuting Authority charged Makoni in his capacity as the chairman of Powerspeed, which owns Electrosales.
An Electrosales outlet in Harare was allegedly found using black market exchange rates for its goods. The official exchange rate was one United States dollar to 93.08 Zimbabwe dollars on Tuesday, but the greenback fetches as much as 200 on the black market.

Many businesses which import most of their stock provide discounts for customers buying in United States dollar.

Opposition Mavambo/Kusile/Dawn leader Simba Makoni was arrested and dragged to court, charged with contravening the Exchange Control Act on Tuesday.

Makoni, who appeared before Magistrate Stanford Mambanje, was released on free bail.

He was represented by Agency Gumbo.

He was arrested in his capacity as chairman of Powerspeed which owns Electrosales. It was alleged one of the listed firm’s outlets was selling goods an inflated exchange rate.
Meanwhile, Greenwood Pharmacy was also charged with violating the same after selling its products at inflated rates.

 

United States dollar.

Opposition Mavambo/Kusile/Dawn leader Simba Makoni was arrested and dragged to court, charged with contravening the Exchange Control Act on Tuesday.

Makoni, who appeared before Magistrate Stanford Mambanje, was released on free bail.

He was represented by Agency Gumbo.

He was arrested in his capacity as chairman of Powerspeed which owns Electrosales. It was alleged one of the listed firm’s outlets was selling goods an inflated exchange rate.
Meanwhile, Greenwood Pharmacy was also charged with violating the same after selling its products at inflated rates.


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