Forex dealers denied bail

By ZBC Reporter

TWO directors of financial institutions caught up in an economic sabotage storm will remain behind bars after the state dismissed their bail application.

Access Finance Pvt Limited Director, Raymond Chigogwana and his counterpart Samuel Tererai arrived at the Harare Magistrate Court this Monday morning clad in prison regalia after spending the weekend behind bars.

Harare Magistrate Mr Ngoni Nduna ruled that the State has established compelling reasons against granting Chigogwana bail with several witnesses yet to be interviewed.

With the court convinced that granting him bail will jeopardise investigations, Chigogwana was remanded in custody to the 18th of this month.

Samuel Tererai of Tererati Investment, who also appeared before the same Magistrate will be back in court this Tuesday after his defence counsel did not turn up.

Meanwhile, Esau Bwerinofa who appeared in a separate court, has also been denied bail, with the court ruling that he is not a good candidate for bail as investigations are still under way.

Bwerinofa is the 9th director to be arrested in the case related to economic sabotage as the net is closing in on all illegal foreign currency dealers across the country.

Allegations are that the co-accused illegally transferred more than 1.5 billion Zimbabwe dollars from their corporate accounts to several ecocash agent lines owned by companies and individuals who are known to be street money vendors in violation of the Exchange Control Act.

A crack team of 15 experienced prosecutors has also been set up to ensure that cases of economic sabotage are effectively dealt with.

The post Forex dealers denied bail appeared first on ZBC NEWS.

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