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Measures To Deal With Govt Contractors Who Channel Funds To Black Forex Exchange Market [FT]

Measures To Deal With Govt Contractors Who Channel Funds To Black Forex Exchange Market [FT]

Finance and Economic Development Minister, Professor Mthuli Ncube has issued a statement announcing measures to deal with contractors who are allegedly channelling funds to the black foreign currency exchange market. In a statement seen by Pindula News, Ncube said the Reserve Bank of Zimbabwe (RBZ) will follow up and scrutinise all payments made to government suppliers, to establish how the funds have been utilised. He said:

MEASURES TO DEAL WITH GOVERNMENT CONTRACTORS WHO CHANNEL FUNDS TO THE ILLEGAL FOREIGN EXCHANGE MARKET

Government has noted with great concern that some suppliers who supply goods and services to government institutions are channeling the funds they receive to the illegal foreign exchange market, thereby contributing to exchange rate and price instability. Government will, with immediate effect, implement the following measures to curb this form of abuse of manipulating the exchange rate:

1. The Financial Intelligence Unit will follow up and scrutinise all payments made to government suppliers, to establish how the funds have been utilised.

2. Where it is determined that funds were channeled to the illegal foreign exchange market ÔÇö

(a) the bank accounts involved will be frozen indefinitely pending criminal investigations and prosecution of the companies concerned and their directors and officers;

(b) proceeds from the illegal transactions will be forfeited to the State in terms of the Money Laundering and Proceeds of Crime Act [Chapter 9:24];

(c) the suppliers concerned, their directors and related companies will be blacklisted with the Procurement and Regulatory Authority of Zimbabwe and will be banned from participating in any government tenders.

3. In addition to the above measures, Government is setting up a process to scrutinise all awarded tenders to ensure that government is getting full and fair value.

Hon. Professor Mthuli Ncube Minister of Finance and Economic Development 18 July 2022

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10 Comments

Complaint 1 month ago

vatanga vanhu vaya Kuda kuba huyai muone


Warthog 1 month ago

Kuvhira rini muchingo taura....action speaks louder than words, you cannot deal with them as long we still have no stable currency yet economy Is dead we have crisis.


Nimrod 1 month ago

Mwari pindirai. vanhu vaye vatanga. lzvozvi vakuda kuisa imwe statutary instrument. Vakuda kumanikidza na company kuti achengete ma Rtgs.


nc 1 month ago

Ndotakura. Ku GMB pfumvudza munonditi ndizvitengere dizhiri apa Mari yacho inouya ari ma rtgs. dizhiri rotengwa ne USD ndotongoenda Ku black market ndiwane USD racho.


Jah­čç┐­čç╝Tsvarie-07 1┬ámonth ago

Mthuli dont lie to the National, we all know that those who get contracts from government are sons and daughters of government.
the follow up wont help coz in the end it will lead you to some big guys in your government and you wont tell us such ­čśÇ
The shortest route is to findout who owns those companies, but it wont help coz they will ask to be punished outside public eyes like the banks...
HAKUNA KWATIRI KUENDA

IT IS THE SAME FIRE THAT MELTS BUTTER AND HARDENS AN EGG...


nation* 1 month ago

­čç┐­čç╝


1-2=it can't 1 month ago

vanhu vaye vatanga


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XXX 1 month ago

What abt plans to eradicate Corrupt Politicians, oky l forgot tozviita muna 2023.



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