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Blessings Chidakwa-Herald Reporter
NINETEEN contractors have been blacklisted for channeling funds to the illegal foreign exchange market, Finance and Economic Development Minister Professor Mthuli Ncube has said.
In a statement, Prof Ncube said the companies were identified by the Reserve Bank of Zimbabwe’s Financial Intelligence Unit to be involved in the unlawful conduct.
They include:
Nariox (Pvt) Ltd
New Age Marketers (Pvt) Ltd
Pepwit Investments (Pvt) Ltd
Tirumi Investments (Pvt) Ltd
Mwendo Africa (Pvt) Ltd
Alg World Investments (Pvt) Ltd
Lobmer Investments (Pvt) Ltd,
Nisbank Enterprises (Pvt) Ltd
Sailgroom Enterprises
Wayvar Investments
Poweride Safaris
Azelion Energy (Pvt) Ltd
Blackdeck (Pvt) Ltd
Paza Buster (Pvt) Ltd
Redan Coupon (Pvt) Ltd
The Best Car Rental
The Legacy Car Rental
Josam Enterprises (Pvt) Ltd
Construction Warehouse (Pvt) Ltd.
Prof Ncube said the contractors would, after the Value for Money process and having received their payment from Government, flood the parallel market with local currency and siphon the foreign currency out, thereby causing domestic inflationary pressures.
“The FIU has noted that upon receiving their payments, the companies would engage in spontaneous illegal foreign currency transactions through buying foreign currency from individuals and entities,” he said.
“It was also noted that some of the companies would engage in transactions which are not related to their line of business. Some would also purchase fast-moving consumer goods from various manufacturers and the goods would then be sold exclusively in foreign currency.”
Online Reporter