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Illegal forex dealers launch bail appeals

by Staff reporter
06 Oct 2021 at 05:45hrs | Views
LAWYERS representing companies and individuals accused of involvement in illicit foreign currency trading are launching bail appeals at the High Court.

The illegal foreign currency deals saw over $1,5 billion being transacted on the parallel market within six months, the remand court heard on Monday while denying the companies and individuals bail at the Harare Magistrates Court.

Advocate Tawanda Zhuwarara who is acting for Chemmodities Trading Private Limited director Isau Bwerinofa is today expected to file an appeal challenging the remand court legal decision.

"We are going to the High Court and our papers are ready for filing anytime from now," said Adv Zhuwarara.

Bwerinofa appeared before Harare regional magistrate Mr Taurai Manwere who denied him bail, saying he was likely to interfere with witnesses, whom he said were his employees.

Bwerinofa is alleged to have transacted $185 420 444 on the parallel market. He is jointly charged with Access Finance, allegedly used $185 million to buy forex from the streets using EcoCash agent lines.

Bwerinofa is also separately appearing with Chemmodities Trading for transacting nearly $333 million on the parallel market.

He was ordered to return to court on October 18.

Titanium Capital (Pvt) Limited, Dream High Investments (Pvt) Limited, Access Finance, Vision Credit Source Private Limited, Capital Profit Financial Services, Capital Profit Financial Services, Raymond Mudonhi Investment Private Limited, Justice Mahuni, Kudzai Mudonhi, and Juso Global Limited also separately appeared in court charged with dealing illegally in foreign currency.

All the company directors were denied bail when they appeared before different regional magistrates, who remanded them in custody to October 18 for routine remand.

Harare regional magistrate Mr Ngoni Nduna denied Access Finance director Singathini Chigogwana bail, saying he was likely to interfere with witnesses.

Mr Nduna said Chigogwana was likely to destroy evidence once released on bail.

In his ruling, the magistrate also noted that the Access Finance director had been frequently flying out of the country.

Kay Mudonhi Investments, which is jointly charged with Kudzai Mudonhi and Justice Mahuni is alleged to have transacted $150 million between January and June 30, 2020.

It is alleged that during the same period, Mudonhi and Mahuni opened business current accounts with Steward Bank on behalf of Kay Mudonhi Investments.

They also allegedly opened EcoCash agent lines in the name of Kay Investments.

The court heard that during the same period they received $150 128 765 into their Steward Bank account which they later transferred into the EcoCash agent lines, which would then be used to buy forex on the streets.

Vision Credit Sources (Pvt) Limited, which is jointly charged with Takudzwa Godwin Rafemoyo, is said to have transacted $192 million between January and June last year.

Rafemoyo is alleged to have opened a bank account for Vision Credit with Steward Bank before registering five separate EcoCash agent lines, which were then used as conduits to move the money to various buyers.

During the same period, Rafemoyo, on behalf of his company allegedly transferred $192 2017 880 into a Steward Bank account and later transferred $49 million into EcoCash agent lines for the purposes of buying forex on the black market.

Between January 16 and May 7 the same year, he allegedly transferred $49 million into one of his agent lines and later used it to purchase forex from the black market.

Access Finance and Chigogwana are alleged to have transacted $185 million through 12 EcoCash agent lines.

Juso Global and Justice Mahuni allegedly dealt in $262 million while Capital Profit Financial and its director Tapiwa Madzara allegedly traded $59 237 733 through 13 companies and individuals.

Source - The Herald