HomeLocal NewsForex dealer remand application dismissed

Forex dealer remand application dismissed

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BY DESMOND CHINGARANDE
LOCAL financial company, Titanium Capital, which is being accused of violating the Exchange Control Act had its application for removal from remand dismissed by Harare magistrate Taurai Manuwere.

Manuwere dismissed the application yesterday, saying there was progress in the matter.

The State alleges that Titanium Capital (Pvt) Ltd, represented by Tatenda Patrick Musonza, had no Reserve Bank of Zimbabwe licence to deal in foreign currency.

In his application for removal from remand, Musonza (42) said the matter had been stopped for no reasons.

The State also applied for a postponement of the matter, saying it intended to call its second witness on July 4, but Musonza challenged the application, demanding removal from remand. Manuwere postponed the matter to July 4 for continuation of trial.

Its two directors are Tatenda Patrick Musonza and Joyline Kushata.

Musonza was charged in his personal capacity because he is the one who was authorising the transfer of money from the company’s bank account to the EcoCash bulk payer lines by signing payment instructions.

On different dates, Musonza allegedly transferred various amounts using EcoCash bulk payer lines to different persons to allegedly unlawfully purchase foreign currency from
dealers.

As a result, the accused transferred a total of $18 736 369 to the dealers in contravention of Exchange Control Regulations SI 109/1996.

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