OLD Mutual Zimbabwe Group finance director Nyarai Takuranazvo Tsungayi Mudekunye Friday appeared in court Facing allegations of unlawfully dealing in foreign currency.
Mudekunye is being charged with a count of contravening the Exchange Control Act.
He appeared before Harare magistrate Yeukai Dzuda who granted him $15 000 bail.
According to the state, on January 21 2021 Mudekunye allegedly connived with Mberengwa Rural District council chief Executive officer Thompson Maeresera and finance executive for the RDC Joice Gumbo to trade US$2 761 rate payers money which individuals at bought black market rate of US$1 -ZW$112, 75.
They then made a transfer of ZW$311 310 on January 21 2021 from a Standard chatrered number into Mberengwa RDC account.
Prosecutors allege that in so doing, the two contravened the Exchange Control Act and had no rights to do so.
A local company Global turbo and diesel represented by Benjamin Funani the Managing Director also dealt in foreign currency exchange.
On 20 and 23 November 2020, it is alleged that Global Turbo and Diesel together with Maeresera and Gumbo to trade US$40 784 of council money.
It is alleged that the company had bought money at black market rate of US$1 to ZWL$102.
The court also heard a local company, Global Turbo and Diesel also unlawfully allegedly made four transfers of ZWL$45 000, ZWL$350 000, ZWL$2 000 000 and ZWL$1 360 000 into Mberengwa RDC ZB bank and Agribank account.
The suspects will be back in court on June 30 for their routine remand.