Former BancABC M.D. facing charges for externalising $300 million

Posted by Maveriq

Hashmond Matemera, former  Managing Director at BancABC is facing allegations of contravening the Exchange and Control Act.  He allegedly externalized $300 million.  The prosecutors sought a postponement to the case as they are still carrying out investigations outside the country.

However, the defence through Advocate Thabani Mpofu objected to the postponement saying:

You will note from the record that the accused person has been remanded several times and today we are now told of extraterritorial investigations but I submit that that is false and meant to take advantage of these proceedings.

When we appeared in court in July, the State said investigating officers wanted to travel to Sierra Leone and in September it was Abu Dhabi. We were never told what became of those investigations but the State has proffered the same excuse today.

The liberty guarantee obliges court to order release of the accused. The State will not be prejudiced and can always proceed by way of summons

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