News / National
Access Forex loses US$260K while 'laundering' money
14 Apr 2023 at 12:32hrs | Views
HARARE - Financial services firm Access Forex was accused of money laundering in court on Thursday after it emerged the company hired an aspiring Zanu PF MP to make huge foreign payments on its behalf, circumventing exchange control regulations.
Access Forex is not on trial. Instead, the man the company says it turned over almost US$260,000 to - Moses Ruwona - has, as part of his defence to charges of fraud and money laundering, questioned the legality of the transactions that landed him in the dock.
Applying for bail for Ruwona and his co-accused Macmillan Chiweshe, lawyer Oliver Marwa told Harare magistrate Stanford Mambanje: "The basis of the charges is that the complainants (Access Forex) gave money to Chiweshe in Zimbabwe so that Ruwona would settle foreign obligations due by Access Forex.
"It is accepted that the two applicants do not operate a money transfer agency and that Access Forex did not go through exchange control authorities in their transactions that they allege of the accused."
Ruwona beat Information Technology Minister Jenfan Muswere in Zanu PF primary elections for the right to represent Makoni West in general elections due in August, but he was promptly arrested and his victory set aside.
He and Chiweshe deny multiple counts of fraud, money laundering and theft of trust property.
The court heard that sometime last month, Tanaka Hlahla, the chief dealer for Access Forex, approached Chiweshe and Ruwona with a request that they facilitate foreign payments of US$350,000 - allegedly on behalf of a client ordering fabrics from China.
Access Forex is a registered bureau de change and money transfer agency, regulated by the Reserve Bank of Zimbabwe. It is not clear why the company was unable to perform the transactions on its own.
The court heard that on March 10, Ruwona sent Access Forex a proof of payment receipt purporting that he had transferred US$350,000 from Tambwari Energy Limited's ABSA (Zambia) account number 1024890 to the Industrial and Commercial Bank of China's Xiamen Branch as per Hlahla's instructions.
He is alleged to have demanded and received a US$258,750 part-payment from Access Forex. Prosecutors say he and Chiweshe physically collected the money as cash.
On March 15, the court heard, Access Forex was contacted by their client advising them that no money had been transferred to China, despite assurances by Ruwona.
Access Forex, which also trades as Access Finance, allegedly contacted Ruwona who failed to give a satisfactory explanation.
Then, on March 22, it is alleged Ruwona finally transferred US$93,837.83 from his ABSA Zambia account to FNB South Africa on Access Forex's instructions. He was supposed to transfer the balance of US$256,000 to a bank account in Botswana.
The court heard that on March 28, Ruwona misrepresented to Acesss Forex that he had transferred US$135,163 and US$120,000 to Access Forex's bank account in Botswana, but the money never arrived.
Ruwona allegedly stopped answering his phone. Access Forex called in the police after suffering a total prejudice of US$256,000.
During Thursday's bail hearing, his lawyer Marwa cornered the investigating officer who was at pains to explain why Access Forex trusted Ruwona, an individual, with such a huge amount of money to settle its foreign obligations.
Chiweshe, meanwhile, denied ever collecting money from Access Forex.
In his bail application Ruwona maintained that the proof of payment receipts sent to Access Forex would be confirmed as valid in the fullness of the police investigation. He argues that the payments were made, but then held up by corresponding banks.
His lawyer said police had arrested him in order to investigate.
The National Prosecuting Authority opposed bail, arguing that the two men could interfere with police investigations. The NPA also said it needed to carry out extra-territorial investigations.
Marwa said if the police investigation proved that the proofs of payment were not fake, then the charges would fall.
The two men had to be admitted to bail, the lawyer said, because "the ZRP is not aware when the police investigations are likely to be completed."
He added: "Further, at the moment there is no evidence that the intended extra-territorial investigations have commenced. Most importantly, the police are yet to confirm whether or not the alleged fake proofs of payment from foreign financial institutions are indeed counterfeit."
Ruwona faces more charges for allegedly defrauding one Aubrey Chademana in December 2022.
Chademana was awarded a contract by Liquid Telecommunications Holdings (Pvt) Limited in Zimbabwe to supply outdoor Wi-Fi routers which he was supposed to import from Liquid Telecommunication Holdings in Mauritius.
It is alleged that on December 8, Chademana engaged Ruwona who undertook to settle the payment using his offshore foreign currency account. Using the same modus operandi, he allegedly duped her of US$218,246.
Access Forex caught up in a money laundering scandal
HARARE - Financial services firm Access Forex was accused of money laundering in court on Thursday after it emerged the company hired an aspiring Zanu PF MP to make huge foreign payments on its behalf, circumventing exchange control regulations.
Access Forex is not on trial. Instead, the man the company says it turned over almost US$260,000 to - Moses Ruwona - has, as part of his defence to charges of fraud and money laundering, questioned the legality of the transactions that landed him in the dock.
Applying for bail for Ruwona and his co-accused Macmillan Chiweshe, lawyer Oliver Marwa told Harare magistrate Stanford Mambanje: "The basis of the charges is that the complainants (Access Forex) gave money to Chiweshe in Zimbabwe so that Ruwona would settle foreign obligations due by Access Forex.
"It is accepted that the two applicants do not operate a money transfer agency and that Access Forex did not go through exchange control authorities in their transactions that they allege of the accused."
Ruwona beat Information Technology Minister Jenfan Muswere in Zanu PF primary elections for the right to represent Makoni West in general elections due in August, but he was promptly arrested and his victory set aside.
He and Chiweshe deny multiple counts of fraud, money laundering and theft of trust property.
The court heard that sometime last month, Tanaka Hlahla, the chief dealer for Access Forex, approached Chiweshe and Ruwona with a request that they facilitate foreign payments of US$350,000 - allegedly on behalf of a client ordering fabrics from China.
Access Forex is a registered bureau de change and money transfer agency, regulated by the Reserve Bank of Zimbabwe. It is not clear why the company was unable to perform the transactions on its own.
The court heard that on March 10, Ruwona sent Access Forex a proof of payment receipt purporting that he had transferred US$350,000 from Tambwari Energy Limited's ABSA (Zambia) account number 1024890 to the Industrial and Commercial Bank of China's Xiamen Branch as per Hlahla's instructions.
He is alleged to have demanded and received a US$258,750 part-payment from Access Forex. Prosecutors say he and Chiweshe physically collected the money as cash.
On March 15, the court heard, Access Forex was contacted by their client advising them that no money had been transferred to China, despite assurances by Ruwona.
Access Forex allegedly contacted Ruwona who failed to give a satisfactory explanation.
Then, on March 22, it is alleged Ruwona finally transferred US$93,837.83 from his ABSA Zambia account to FNB South Africa on Access Forex's instructions. He was supposed to transfer the balance of US$256,000 to a bank account in Botswana.
The court heard that on March 28, Ruwona misrepresented to Acesss Forex that he had transferred US$135,163 and US$120,000 to Access Forex's bank account in Botswana, but the money never arrived.
Ruwona allegedly stopped answering his phone. Access Forex called in the police after suffering a total prejudice of US$256,000.
During Thursday's bail hearing, his lawyer Marwa cornered the investigating officer Detective Assistant Inspector Brighton Samaneka who was at pains to explain why Access Forex trusted Ruwona, an individual, with such a huge amount of money to settle its foreign obligations.
Chiweshe, meanwhile, denied ever collecting money from Access Forex.
In his bail application Ruwona maintained that the proof of payment receipts sent to Access Forex would be confirmed as valid in the fullness of the police investigation. He argues that the payments were made, but then held up by corresponding banks.
His lawyer said police had arrested him in order to investigate.
The National Prosecuting Authority opposed bail, arguing that the two men could interfere with police investigations. The NPA also said it needed to carry out extra-territorial investigations.
Marwa said if the police investigation proved that the proofs of payment were not fake, then the charges would fall.
The two men had to be admitted to bail, the lawyer said, because "the ZRP is not aware when the police investigations are likely to be completed."
He added: "Further, at the moment there is no evidence that the intended extra-territorial investigations have commenced. Most importantly, the police are yet to confirm whether or not the alleged fake proofs of payment from foreign financial institutions are indeed counterfeit."
Ruwona faces more charges for allegedly defrauding one Aubrey Chademana in December 2022.
Chademana was awarded a contract by Liquid Telecommunications Holdings (Pvt) Limited in Zimbabwe to supply outdoor Wi-Fi routers which he was supposed to import from Liquid Telecommunication Holdings in Mauritius.
It is alleged that on December 8, Chademana engaged Ruwona who undertook to settle the payment using his offshore foreign currency account. Using the same modus operandi, he allegedly duped her of US$218,246.
Magistrate Mambanje will rule on Ruwona and Chiweshe's bail application on Friday.
Access Forex is not on trial. Instead, the man the company says it turned over almost US$260,000 to - Moses Ruwona - has, as part of his defence to charges of fraud and money laundering, questioned the legality of the transactions that landed him in the dock.
Applying for bail for Ruwona and his co-accused Macmillan Chiweshe, lawyer Oliver Marwa told Harare magistrate Stanford Mambanje: "The basis of the charges is that the complainants (Access Forex) gave money to Chiweshe in Zimbabwe so that Ruwona would settle foreign obligations due by Access Forex.
"It is accepted that the two applicants do not operate a money transfer agency and that Access Forex did not go through exchange control authorities in their transactions that they allege of the accused."
Ruwona beat Information Technology Minister Jenfan Muswere in Zanu PF primary elections for the right to represent Makoni West in general elections due in August, but he was promptly arrested and his victory set aside.
He and Chiweshe deny multiple counts of fraud, money laundering and theft of trust property.
The court heard that sometime last month, Tanaka Hlahla, the chief dealer for Access Forex, approached Chiweshe and Ruwona with a request that they facilitate foreign payments of US$350,000 - allegedly on behalf of a client ordering fabrics from China.
Access Forex is a registered bureau de change and money transfer agency, regulated by the Reserve Bank of Zimbabwe. It is not clear why the company was unable to perform the transactions on its own.
The court heard that on March 10, Ruwona sent Access Forex a proof of payment receipt purporting that he had transferred US$350,000 from Tambwari Energy Limited's ABSA (Zambia) account number 1024890 to the Industrial and Commercial Bank of China's Xiamen Branch as per Hlahla's instructions.
He is alleged to have demanded and received a US$258,750 part-payment from Access Forex. Prosecutors say he and Chiweshe physically collected the money as cash.
On March 15, the court heard, Access Forex was contacted by their client advising them that no money had been transferred to China, despite assurances by Ruwona.
Access Forex, which also trades as Access Finance, allegedly contacted Ruwona who failed to give a satisfactory explanation.
Then, on March 22, it is alleged Ruwona finally transferred US$93,837.83 from his ABSA Zambia account to FNB South Africa on Access Forex's instructions. He was supposed to transfer the balance of US$256,000 to a bank account in Botswana.
The court heard that on March 28, Ruwona misrepresented to Acesss Forex that he had transferred US$135,163 and US$120,000 to Access Forex's bank account in Botswana, but the money never arrived.
Ruwona allegedly stopped answering his phone. Access Forex called in the police after suffering a total prejudice of US$256,000.
During Thursday's bail hearing, his lawyer Marwa cornered the investigating officer who was at pains to explain why Access Forex trusted Ruwona, an individual, with such a huge amount of money to settle its foreign obligations.
Chiweshe, meanwhile, denied ever collecting money from Access Forex.
In his bail application Ruwona maintained that the proof of payment receipts sent to Access Forex would be confirmed as valid in the fullness of the police investigation. He argues that the payments were made, but then held up by corresponding banks.
His lawyer said police had arrested him in order to investigate.
The National Prosecuting Authority opposed bail, arguing that the two men could interfere with police investigations. The NPA also said it needed to carry out extra-territorial investigations.
Marwa said if the police investigation proved that the proofs of payment were not fake, then the charges would fall.
The two men had to be admitted to bail, the lawyer said, because "the ZRP is not aware when the police investigations are likely to be completed."
He added: "Further, at the moment there is no evidence that the intended extra-territorial investigations have commenced. Most importantly, the police are yet to confirm whether or not the alleged fake proofs of payment from foreign financial institutions are indeed counterfeit."
Ruwona faces more charges for allegedly defrauding one Aubrey Chademana in December 2022.
Chademana was awarded a contract by Liquid Telecommunications Holdings (Pvt) Limited in Zimbabwe to supply outdoor Wi-Fi routers which he was supposed to import from Liquid Telecommunication Holdings in Mauritius.
It is alleged that on December 8, Chademana engaged Ruwona who undertook to settle the payment using his offshore foreign currency account. Using the same modus operandi, he allegedly duped her of US$218,246.
Access Forex caught up in a money laundering scandal
Access Forex is not on trial. Instead, the man the company says it turned over almost US$260,000 to - Moses Ruwona - has, as part of his defence to charges of fraud and money laundering, questioned the legality of the transactions that landed him in the dock.
Applying for bail for Ruwona and his co-accused Macmillan Chiweshe, lawyer Oliver Marwa told Harare magistrate Stanford Mambanje: "The basis of the charges is that the complainants (Access Forex) gave money to Chiweshe in Zimbabwe so that Ruwona would settle foreign obligations due by Access Forex.
"It is accepted that the two applicants do not operate a money transfer agency and that Access Forex did not go through exchange control authorities in their transactions that they allege of the accused."
Ruwona beat Information Technology Minister Jenfan Muswere in Zanu PF primary elections for the right to represent Makoni West in general elections due in August, but he was promptly arrested and his victory set aside.
He and Chiweshe deny multiple counts of fraud, money laundering and theft of trust property.
The court heard that sometime last month, Tanaka Hlahla, the chief dealer for Access Forex, approached Chiweshe and Ruwona with a request that they facilitate foreign payments of US$350,000 - allegedly on behalf of a client ordering fabrics from China.
Access Forex is a registered bureau de change and money transfer agency, regulated by the Reserve Bank of Zimbabwe. It is not clear why the company was unable to perform the transactions on its own.
The court heard that on March 10, Ruwona sent Access Forex a proof of payment receipt purporting that he had transferred US$350,000 from Tambwari Energy Limited's ABSA (Zambia) account number 1024890 to the Industrial and Commercial Bank of China's Xiamen Branch as per Hlahla's instructions.
He is alleged to have demanded and received a US$258,750 part-payment from Access Forex. Prosecutors say he and Chiweshe physically collected the money as cash.
On March 15, the court heard, Access Forex was contacted by their client advising them that no money had been transferred to China, despite assurances by Ruwona.
Access Forex allegedly contacted Ruwona who failed to give a satisfactory explanation.
Then, on March 22, it is alleged Ruwona finally transferred US$93,837.83 from his ABSA Zambia account to FNB South Africa on Access Forex's instructions. He was supposed to transfer the balance of US$256,000 to a bank account in Botswana.
The court heard that on March 28, Ruwona misrepresented to Acesss Forex that he had transferred US$135,163 and US$120,000 to Access Forex's bank account in Botswana, but the money never arrived.
Ruwona allegedly stopped answering his phone. Access Forex called in the police after suffering a total prejudice of US$256,000.
During Thursday's bail hearing, his lawyer Marwa cornered the investigating officer Detective Assistant Inspector Brighton Samaneka who was at pains to explain why Access Forex trusted Ruwona, an individual, with such a huge amount of money to settle its foreign obligations.
Chiweshe, meanwhile, denied ever collecting money from Access Forex.
In his bail application Ruwona maintained that the proof of payment receipts sent to Access Forex would be confirmed as valid in the fullness of the police investigation. He argues that the payments were made, but then held up by corresponding banks.
His lawyer said police had arrested him in order to investigate.
The National Prosecuting Authority opposed bail, arguing that the two men could interfere with police investigations. The NPA also said it needed to carry out extra-territorial investigations.
Marwa said if the police investigation proved that the proofs of payment were not fake, then the charges would fall.
The two men had to be admitted to bail, the lawyer said, because "the ZRP is not aware when the police investigations are likely to be completed."
He added: "Further, at the moment there is no evidence that the intended extra-territorial investigations have commenced. Most importantly, the police are yet to confirm whether or not the alleged fake proofs of payment from foreign financial institutions are indeed counterfeit."
Ruwona faces more charges for allegedly defrauding one Aubrey Chademana in December 2022.
Chademana was awarded a contract by Liquid Telecommunications Holdings (Pvt) Limited in Zimbabwe to supply outdoor Wi-Fi routers which he was supposed to import from Liquid Telecommunication Holdings in Mauritius.
It is alleged that on December 8, Chademana engaged Ruwona who undertook to settle the payment using his offshore foreign currency account. Using the same modus operandi, he allegedly duped her of US$218,246.
Magistrate Mambanje will rule on Ruwona and Chiweshe's bail application on Friday.
Source - www.zimlive.com
