Neville Mutsvangwa to appear in court

HARARE businessman Neville Mutsvangwa and his two accomplices, who are accused of illegally dealing in foreign currency are expected to appear in court today.

The three are being charged under Section 14(1) of the Bank Use Promotion and Suppression of Money Laundering Act, which criminalises illegal dealing in foreign currency.

Mutsvangwa was arrested on Wednesday with Elias Majachani and Simbarashe Tichingana.

National police spokesperson Assistant Commissioner Paul Nyathi yesterday said in a statement Mutsvangwa (44), Majachani (41) and Tichingana (38) are expected to appear in court today.

Mutsvangwa’s arrest came as authorities are intensifying the crack down on illegal money changers following the launch of the ZiG currency on April 5.

Since the introduction of the ZiG the police have arrested over 100 illegal currency traders, with 65 from Harare, who are still remanded in custody after the magistrates dealing with their cases dismissed their bail applications after hearing evidence from the investigating officers. They are remanded pending the conclusion of investigations and prosecution.

The Government has vowed to rid the streets of black market money changers to thwart speculative activities which might lead to devaluation of the local currency.

Reserve Bank of Zimbabwe Governor John Mushayavanhu recently said street forex dealers arrested by the police should name their principals if they exist, who are the suspected major dealers in the background who use the street dealers as collectors and runners.