Director of Yakuts Marketing (Pvt) Ltd, Farid Shahadat, who was on police wanted list for allegedly externalising more than $1 million to Botswana, appeared before magistrate Ms Josephine Sande, charged with contravening the Exchange Control Act and was released on $1 500 bail with the State’s consent.
He was also ordered to surrender his passport, report twice a week to CID Bulawayo on Mondays and Fridays and to reside at his given address until the matter is finalised. The court heard that from Januarry 1 to April 30 this year, Shahadat opened foreign bank accounts with Stanbic and Capital bank in Botswana. With the help of other couriers, Shahadat crossed into Botswana and deposited a total of $1 197 580 into his three foreign bank accounts. Investigations revealed that the export of currency to Botswana by Shahadat was done without the approval of the Reserve Bank of Zimbabwe.
More: Herald
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