FIU exposes errant 13 government contractors fueling exchange rate depreciation
Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) Financial Intelligence Unit (FIU) has exposed 13 companies abusing payments received after offering services and products to government by passing down such huge amounts of ZW$ to the parallel market.
The practice so far remains one of the key sources of funding supporting the parallel market dealings in recent times amid calls for authorities to consider extending payments in foreign currency in order to nip such misdemeanors in the bud.
Speaking on the latest findings Monday, Finance and Economic Development Minister, Mthuli Ncube exposed the heinous “crime”.
“Having monitored various financial transactions with a view to plug parallel market dealings , the FIU has observed that these companies are siphoning their proceeds to the parallel market, thus, triggering domestic inflationary pressures.
The list of the blacklisted companies is as follows;
i.Casha Designs Pvt Ltd.
ii., Re-net Technology Pvt Ltd.
iii) Malfran Investments Pvt Ltd.
iv) Difflock Construction Pvt Ltd.
v) Staman Investments Pvt Ltd.
vi) Guide Marketing Pvt Ltd.
vii) Nodship Investments Pvt Ltd.
viii) Infinity Hire Pvt Ltd.
ix) Nomalanga Marketing Pvt Ltd.
X) Gif Mwayera t/a Mwayera Transport Pvt Ltd.
xi) Mukot Haulage and Buses Pvt Ltd.
xii) Ofixmore Marketing Pvt Ltd.
xiii) Blecia Investments.
“Having monitored various financial transactions with a view to plug parallel market dealings , the FIU has observed that these companies are siphoning their proceeds to the parallel market, thus, triggering domestic inflationary pressures.
“Resultantly , Government has blacklisted the aforementioned companies so as to maintain stability in the foreign currency market and curb inflation.In the same vein , the Procurement Regulatory Authority of Zimbabwe will be advised to permanently remove the entities from the list of potential service providers to Government,” said Ncube.
He said government remains concerned and disturbed to note the continuation of indecorous behavior by some companies who continue to fuel illegal parallel market activities.
Ncube said this waters down government efforts towards the stabilisation of the local currency and containment of inflation, thereby pervading the economy at the expense of the generality of citizens of Zimbabwe as he highlighted that such behavior cannot be condoned.
