News / National
Black-listed govt suppliers face arrest
03 Aug 2024 at 12:53hrs | Views
The Zimbabwean government is set to freeze the bank accounts of 51 suppliers blacklisted for illegal foreign currency dealings.
Information, Publicity, and Broadcasting Services permanent secretary Nick Mangwana stated that the National Prosecution Authority (NPA) will decide on potential prosecutions. The affected firms allegedly exchanged government payments, made in the rapidly depreciating Zimbabwean dollar, for US dollars on the black market to protect their investments.
The crackdown includes firms that had contracts with various government departments, including the Ministry of Defence and the Office of the President and Cabinet.
Finance Minister Mthuli Ncube announced that these firms, along with any associated entities, are now barred from supplying the government.
The government's actions aim to combat inflation and stabilize the financial system. The blacklisted companies include Avante Garde Group, Citicom, and Voiccast Investments, among others. The Procurement Regulatory Authority of Zimbabwe declined to comment on the matter.
Information, Publicity, and Broadcasting Services permanent secretary Nick Mangwana stated that the National Prosecution Authority (NPA) will decide on potential prosecutions. The affected firms allegedly exchanged government payments, made in the rapidly depreciating Zimbabwean dollar, for US dollars on the black market to protect their investments.
The crackdown includes firms that had contracts with various government departments, including the Ministry of Defence and the Office of the President and Cabinet.
Finance Minister Mthuli Ncube announced that these firms, along with any associated entities, are now barred from supplying the government.
The government's actions aim to combat inflation and stabilize the financial system. The blacklisted companies include Avante Garde Group, Citicom, and Voiccast Investments, among others. The Procurement Regulatory Authority of Zimbabwe declined to comment on the matter.
Source - the independent
