Company charged for breach of $236k RBZ importation deal

Published: 29 March 2018

A BULAWAYO firm, Listerfill Investment (Pvt) Limited, has been arraigned before the courts for allegedly breaching an agreement signed with the Reserve Bank of Zimbabwe (RBZ), in which it secured a $236 000 loan facility for its recapitalisation programme.

Trust Shuro, representing the company, pleaded not guilty when he appeared before Bulawayo magistrate Sithembiso Ncube.

On Monday, the magistrate remanded him out of custody to April 16.

Allegations are that sometime in December 2016, the firm was given a $236 482,16 loan facility by RBZ to recapitalise its business and develop, erect or instal 16 units of gold mining plants for sale to gold miners.

After receiving the loan facility, the company submitted four requests of payment for mining equipment to Industech Exports (Pty) Limited, South Africa, worth $236 482,16 through CBZ Bank.

It is alleged that on January 18, 2017, the company transferred $30 000 to Industech Exports on the pretext of buying mining equipment.

On January 31, 2017 and February 10, 2017, $145 978, $51 161,46 and $21 187,84, respectively, were transferred to the same company in South Africa by Listerfill on the pretext of buying mining equipment.

According to the Exchanging Control Act, regulations and Statutory Instrument 109 of 1996, the imported goods must be received in Zimbabwe 90 days after the payment.

In contravening section 24 of the said regulations that require a person, who has been granted authority or permission to import goods into Zimbabwe and the goods are not imported within the prescribed period, the importer notifies an exchange control authority, in writing within 21 days after the expiry of the prescribed period of the non-receipt of the goods, the firm failed to notify the authorities, thereby contravening the said Act and regulations.
- newsday

Tags: RBZ,