admin
Business Reporter
|THE Government has removed the petroleum company, Redan Coupon, from the blacklist of its contractors alleged to have been involved in illegal foreign currency deals on the parallel market.
In a letter to Redan dated February 10, 2023, Finance and Economic Development secretary George Guvamatanga said the company was now allowed to deal with Government ministries, departments and agencies with immediate effect.
Redan was among 19 companies the Government blacklisted in November last year on suspicion of having been manipulating the exchange rate through illegal forex deals and in the end fuelling inflation and economic instability.
“Please be advised that Treasury has removed your company from the blacklist published through a press statement by the Minister of Finance and Economic Development (Prof Mthuli Ncube) on 9 November, 2022 taking account of payment of penalty to the Financial Intelligence Unit and clearance by the Zimbabwe Revenue Authority (Zimra),” said Mr Guvamatanga.
The letter was copied to the Chief Secretary to the President and Cabinet Dr Misheck Sibanda, Zimra commissioner general Ms Regina Chinamasa, Mr Oliver Chiperesa, director general Financial Intelligence Unit, a Mr E Zvandasara, accountant general, and other senior Government officials.
“You should however note that with immediate effect up to the period of six months, your company has been placed on the grey list wherein your vendor number is re-opened and the MDAs (Ministries, Departments and Agents) are allowed to transact with your company whilst being under strict monitoring by the Financial Intelligence Unit and the Zimbabwe Revenue Authority.
“Thereafter, with full compliance, your company will be removed from the grey list and operate normally.”
Redan retail manager and spokesperson, Ms Chipo Masanzu said “while it has been a difficult seven months for our business and valued clients, the process was ultimately fair and in everyone’s best interest. It is very assuring and encouraging that our Government officials, particularly at the Ministry of Finance, still maintain high levels of professionalism, ethics and good governance.
“We also found the conduct of respective Government departments and agencies, namely Financial Intelligence Unit and Zimra, to be very professional in the manner our case was handled. We are now focused on delivering better fueling solutions for the benefit of our customers and communities we serve for the betterment of our country.”
Redan is among the country’s largest petroleum companies, offering a wide range of services including bulk fuel and pre-paid coupons.
The coupons are volume based, which means customers are not affected by price increases and are valid for six months. If they expire, they can be revalidated for three months without extra cost.
Online Reporter