HomeLocal NewsByo businessman in soup for externalising $1,2m

Byo businessman in soup for externalising $1,2m

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A 45-YEAR-OLD Bulawayo businessman yesterday appeared at the Harare Magistrates’ Court charged with contravening the Exchange Control Act after he allegedly externalised $1 197 580 to Botswana.

BY DESMOND CHINGARANDE

Farid Shahadat, of Khumalo, pleaded not guilty to the charge when he appeared before magistrate Josephine Sande, who remanded him to September 21 on $1 500 bail.

As part of his bail conditions, Shahadat was ordered to surrender his passport, to reside at his given address, to report at the CID Commercial Crime Unit, Bulawayo, and not to interfere with State witnesses.

Shahadat, who was represented by Lewis Uriri, is the director of Yakuts Marketing and a holder of a Botswana Stanbic Bank account and Capitec Bank account.

It is the State’s case that between January 1 to April 30 this year, Shahadat opened Stanbic Bank and Capitec Bank foreign currency accounts in Botswana.

The State alleges on various occasions this year, Shahadat externalised $1 197 580 and deposited it in his Stanbic and Capitec accounts in Botswana.

The State alleges investigations by the police established that the opening of the foreign currency accounts and export of currency to Botswana by Shahadat were done without approval of the Reserve Bank of Zimbabwe.
Tatenda Murindagomo appeared for the
State.

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