Africa-Press – Zimbabwe. A HARARE-BASED gas trading company was on Monday arraigned before a Harare magistrate facing a charge of money laundering for allegedly externalising US$363 172.
Union Energy Zimbabwe (Pvt) Ltd, which was being represented by its employee Perseverance Masoja Tigere, was charged for contravening the Exchange Control Act.
It is the State’s case that on November 28 this year, detectives from CID Asset Forfeiture were deployed on operation “Pressure Valve”, with the mandate to check fuel and LPG retail sites to verify sources of funding and pricing anomalies.
The detectives were also checking on courier linked transactions, bank use and making sure full compliance with licensing processes with the aim of disrupting laundering networks and courier syndicates.
The team visited Union Energy Zimbabwe in the Masasa industrial area, Harare, where on inquiry, it was discovered that the company was in the business of importing lubricants.
The court heard that preliminary investigations revealed that from June to November 28 the company imported lubricants from a company in China at a total cost of
US$363 173.
According to company documents, accused failed to produce proof that the importation was done through the banking system.
The company made offshore payments for the imports without the approval of the Reserve Bank of Zimbabwe Exchange Control department thereby violating the Exchange Control Act.
Furthermore, source of funding is unknown thereby raising suspicion of money laundering.
Total value involved is US$363 173 and nothing was recovered.
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