The High Court has issued a Harare man with an order to explain the source of US$1 048 533 which is in his bank account. The man, Mr Jairos Giles (41), earns US$1 600 a month as managing director of Lapstar Logistics.
Section 37B as read with Section 37H of the Presidential Powers (Temporary Measures) Amendment of the Money Laundering and Proceeds of Crime Act and Exchange Control Act regulations (Statutory Instrument 246 of 2018) allows the State to analyse one’s incomes.
Giles is suspected to be involved in illegal foreign currency dealings. Investigations are reportedly underway to ascertain that the money and properties he acquired within a very limited space of time are legit. Giles owns:
- Stand number 5892 Crowhill,
- Stand number 5893 Borrowdale (US$63 000).
- Nissan Xtrail,
- Nissan Tiida
- Mercedes Benz
The High Court barred him from conducting any transaction regarding the property in question and his bank account was also frozen.
The accused is reported to be a tenant at Number 16 Lownsdale Avonlea where pays US$400 rent every month out of his US$1600 salary. Before he joined Lapstar, Giles had worked for five years as a chief dealer for Dragon Bureau de Change.
The order was granted after an ex-parte application by the National Prosecuting Authority (NPA) seeking justification of the wealth and bank transaction above the maximum threshold of US$10 000.
The State wants Giles to present any document and proof revealing that the wealth he acquired between April 2018 and September 2018 was actually not ill-gotten.
More: The Herald