Company faces exchange control violation charges

A Harare-based company, Grant Thulisa (Pvt) Ltd, has been hauled before the courts on allegations of violating Zimbabwe's exchange control regulations after it allegedly misrepresented the amount of money spent on importing liquefied petroleum gas (LPG).

Represented by company official Grant Chitate, the firm appeared before magistrate Donald Ndirowei on Saturday. Chitate was granted US$1,000 bail and ordered not to interfere with witnesses. The matter was remanded to September 9 to allow police to finalise investigations.

According to prosecutor Rufaro Chonzi, between January 2019 and December 2024, Grant Thulisa unlawfully transferred a total of US$7,669,864 out of Zimbabwe without proper authorisation from the Reserve Bank of Zimbabwe (RBZ).

The company reportedly claimed the money was used to import 9,455,100 kilograms of LPG during that period. However, subsequent investigations revealed major discrepancies between the payments made and the actual value of imports received, raising suspicions of fraud and foreign currency externalisation.

Authorities allege the company violated provisions of the Exchange Control Act, which governs all foreign currency transactions and international payments. The law requires entities to obtain prior approval from the central bank before remitting funds abroad.

The case comes amid heightened scrutiny of companies involved in fuel and commodity imports, following government concerns about capital flight and abuse of forex allocations under the auction and interbank systems.

Grant Thulisa's case could set a precedent for stricter enforcement of financial transparency and compliance within Zimbabwe's import sector, as authorities seek to stabilise the country's volatile currency market.