Businessman in court for ‘externalising $1m’

Tendai Rupapa, Harare Bureau
As efforts to deal with the current liquidity and cash crisis intensify, police have arrested the director of Yakuts Marketing (Pvt) Ltd, Farid Shahadat, who was on police wanted list for allegedly externalising more than $1 million to Botswana.

Police recently launched a massive manhunt for three businesspeople on allegations of externalising a total of $7,3 million this year on different occasions, leading to the arrest of Shahadat.

The other two accused persons are still at large and police is still looking for them.

Shahadat, who allegedly externalised $1 197 580, yesterday appeared before magistrate Ms Josephine Sande charged with contravening the Exchange Control Act.

He was released on $1 500 bail with the State’s consent coupled with some stringent conditions.

As part of his bail conditions, Shahadat, of Bulawayo, was ordered to report twice a week to CID Bulawayo on Mondays and Fridays and to reside at number 4 Baxendale Road in Khumalo until the matter is finalised.

The court also ordered him to surrender his passport.

Shahadat is being represented by Advocates Lewis Uriri and Onias Takaindisa instructed by Mr Zibusiso Ncube.

Prosecuting Mrs Tatenda Murindagomo-Mushoriwa alleges that during the period extending from January 1 to April 30, Shahadat opened foreign bank accounts with Stanbic and Capital banks in Botswana.

With the help of other couriers, Shahadat crossed into Botswana with large amounts of money.

They deposited a total of $1 197 580 into his three foreign bank accounts – Stanbic Bank account number 906 000 257 2465, Stanbic Bank (906 000 257 2504) and Capital Bank (000 370 300 8498).

Investigations revealed that the export of currency to Botswana by Shahadat was done without the approval of the Reserve Bank of Zimbabwe.