Magamba Cultural Activist Network Trust ( Magamba Network) appeared in court on charges of externalisation after it transferred money to an international account without authorisation from the Reserve Bank of Zimbabwe (RBZ).
Magamba Network’s creative director Sam Monro, appeared before Harare magistrate Ms Learnmore Mapiye on behalf of the organisation. The matter was remanded to October 11 for trial commencement. The court heard that on June 3, 2014, Magamba Network transferred $5 150 from their Stanbic account to a solid ground holdings account held with Mauritius Commercial Bank Limited.
It is further alleged that on June 19, 2014 Magamba Network transferred $5 300 into the same account in Mauritius. Magamba Network did this without seeking the approval of the Exchange Control Authority. Information came to light through an informer who made a report to the police.
The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe