The Reserve Bank of Zimbabwe (RBZ) has ordered all banks to suspend the accounts of four companies yesterday following the rise of black market exchange rates.
The companies are Sakunda petroleum owned by Kudakwashe Tagwirei aka Queen B reportedly President Mnangagwa’s friend, Croco Motors holdings, Spartan and Access Finance.
RBZ believes that these four companies are involved in an illegal deal of buying foreign currency, hence driving up the black market exchange rates.
In a memo which was sent to all banks by W Kapofu of Financial Intelligence Unit said,
“The FIU is carrying out analysis on the above named entities and their sister group companies. As we carry out further analysis, you directed to freeze with immediate effect, all accounts held in the names of the listed entities until further notice,”
“You shall not process any withdrawals or transfers from the accounts: you should, however, allow deposits or other flows into the accounts. You shall immediately report to the unit any deposit or other inflow into the account as well as any attempted withdrawals or transfer from the accounts,”