Businessman in the dock over $1,2m

HARARE - A Bulawayo-based businessman was hauled before the courts yesterday after he allegedly externalised $1,2 million to Botswana without the Reserve Bank of Zimbabwe’s (RBZ) authority.

Farid Shadat, 45, of Baxendale Road in Khumalo in Bulawayo appeared before Harare magistrate Josephine Sande charged with contravening section 5(1) (a) (ii) of the Exchange Control Act that deals with externalisation.

He was represented by Lewis Uriri and granted $1 000 bail coupled with stringent conditions requiring him to report once every Friday at CID Bulawayo, continue residing at his present address and not interfere with witnesses.

Shadat’s passport is currently held by police pending finalisation of investigations.

The complainant is the State represented by chief superintendent Alison Nyamupaguma, the acting deputy director CID Commercial Crimes Division.

Shadat is the director of Yakuts Marketing (Pvt) Ltd and is a holder of Stanbic and Capitec Bank accounts in Botswana.
Prosecutor Tatenda Murindagomo alleged that on January 1, this year, Shadat opened the bank accounts in Botswana.

The court heard that between February 23 and March 10 this year, Shadat in his personal capacity, deposited various amounts of cash using different couriers in the Stanbic and Capitec bank accounts.

It was alleged that investigations established that the opening of the foreign currency accounts and export of money to Botswana by Shadat was done without RBZ approval.

Shadat was in breach of the Exchange and Control Act and allegedly externalised $1 197 580.

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