Zim cracks down on forex violations

HARARE – Police in Zimbabwe have arrested prominent businesswoman Jane Mutasa as part of a clampdown on foreign currency dealings, the state-controlled Herald newspaper reports.

Mutasa, director of the mobile telephone company Telecel, was placed under arrest after she turned herself in to Harare Central Police Station on Tuesday, the paper said. Police had said at the weekend they were looking for her.She is accused of funnelling US$4,5 million (N$27,9 million) outside the country, in violation of Zimbabwe’s strict foreign exchange control regulations.Three other Telecel directors are already in police custody, including James Makamba who is a member of Zimbabwe’s ruling party.Four senior officials from another mobile telephone provider, Econet Wireless, have also been arrested on the same charges.The southern African country has been hit by critical shortages of foreign currency in the last few years, with serious effects on the economy.Zimbabwe’s laws stipulate that all foreign currency earned by resident Zimbabweans must be repatriated.Foreign currency can only be purchased through authorised dealers.This year, police have waged a tough war on corruption, netting several high-profile figures for alleged foreign currency offences.-Nampa-AFPPolice had said at the weekend they were looking for her.She is accused of funnelling US$4,5 million (N$27,9 million) outside the country, in violation of Zimbabwe’s strict foreign exchange control regulations.Three other Telecel directors are already in police custody, including James Makamba who is a member of Zimbabwe’s ruling party.Four senior officials from another mobile telephone provider, Econet Wireless, have also been arrested on the same charges.The southern African country has been hit by critical shortages of foreign currency in the last few years, with serious effects on the economy.Zimbabwe’s laws stipulate that all foreign currency earned by resident Zimbabweans must be repatriated.Foreign currency can only be purchased through authorised dealers.This year, police have waged a tough war on corruption, netting several high-profile figures for alleged foreign currency offences.-Nampa-AFP