Queen B in bother: RBZ freezes Sakunda accounts as Zim greenback falls onerous – ZIM NEWS | Newest Zim Information

Chiwenga, ED Mnangagwa, Kuda Tagwirei

The Reserve Financial institution of Zimbabwe (CBZ) froze the accounts of 4 firms on Friday, a day after the native forex took a dramatic tumble on the parallel market.

The RBZ mentioned it had frozen all outgoing transactions on financial institution accounts held by Entry Finance, Croco Motors, Spartan Safety and Sakunda Holdings to facilitate a cash laundering investigation.

Sakunda, which has now diversified after beginning off as a petroleum firm, is owned by Kudakwashe Tagwirei, an ally of President Emmerson Mnangagwa and now half proprietor of the Business Financial institution of Zimbabwe.

Spartan Safety is linked to the Mnangagwa household by way of considered one of his sons.

A memo despatched to all banks by the central financial institution performing head of the Monetary Intelligence Unit, Surprise Kapofu, mentioned: “The FIU is finishing up evaluation on the above-named entities and their sister group firms. As we stock out additional evaluation, you might be directed to freeze, with instant impact, all accounts held within the names of the listed entities till additional discover.

“You shall not course of any withdrawals or transfers from the accounts. You must nevertheless permit deposits or different flows into the accounts.”

RBZ governor John Mangudya referred all inquiries to Kapofu, saying he was away in Kampala, Uganda.

On Friday morning, the USA greenback was buying and selling for as much as 30 Zimbabwe {dollars} on the parallel market. On Thursday, the choice market charge had opened at 17 earlier than leaping to 23 by the afternoon.

The RBZ believes the businesses whose accounts have been frozen have been concerned in unlawful international forex shopping for on the parallel market, driving up the alternate charge.

The official alternate charge was 1:14.43 on Friday.

We publish in its entirety the directive to all banks from the FIU under,

To ALL BANKS

Consideration; MLR.

19 September 2019

Directive to freeze transactions in respect of All Accounts within the Names of Sakunda, Entry Finance, Spartan safety and Croco Motors and Associated Entities

I. The FlU is finishing up evaluation on the above-named entities and their sister group firms.
2. As we stock out additional evaluation, you might be directed to freeze, with instant impact, all accounts held within the names of the listed entities till additional discover.
3. You shall not course of any withdrawals or transfers from the accounts: you need to, nevertheless, permit deposits or different flows into the accounts.
4. You shall instantly report back to the Unit a, deposit or different influx into the account in addition to any tried withdrawal or switch from the accounts.
5. Please acknowledge receipt of this directive in writing, confirming that you’ve frozen the accounts and confirming the account steadiness as on the date of freezing.

Yours faithfully,
W KAPOFU
FOR DIRECTOR GENERAL
FINANCIAL INTELLIGENCE UNIT

Author: Takudzwa Abioye

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