Another 13 Firms Blacklisted for Fuelling Black Market

by | Apr 3, 2023 | Business, Local News | 0 comments

Another 13 Firms Blacklisted for Fuelling Black Market

Nevanji Munyaradzi Chiondegwa

HARARE – Another thirteen contractors have been blacklisted for channelling funds to the illegal foreign exchange market, Finance and Economic Development Minister Professor Mthuli Ncube has said.

In a statement on Monday, Prof Ncube said the companies were identified by the Reserve Bank of Zimbabwe’s Financial Intelligence Unit to be involved in the unlawful conduct.

The companies include;

Casha Designs (Pvt) Ltd, Re-net Technology (Pvt) Ltd;

Malfran Investments (Pvt) Ltd, Difflock Construction (Pvt) Ltd;

Staman Investments (Pvt) Ltd, Guide Marketing (Pvt) Ltd;

Nodship Investments Pvt Ltd, Infinity Hire Pvt Ltd;

Nomalanga Marketing Pvt Ltd, Gift Mwayera t/a Mwayera Transport Pvt Ltd;

Mukota Haulage and Busses Pvt Ltd, Ofixmore Marketing Pvt Ltd, Blecia Investments.

The government says it has blacklisted the aforementioned companies to maintain stability in the foreign currency market and curb inflation.

Prof Ncube said they have been monitoring various financial transactions with a view to plugging parallel market dealings

He said the Financial Intelligence Unit (FIU) has observed that these companies are siphoning their proceeds to the parallel market, thus, triggering domestic inflationary pressures.

“In the same vein, the Procurement Regulatory Authority of Zimbabwe (PRAZ) will be advised to permanently remove the entities from the list of potential service providers to the Government.

“Government remains committed to maintaining price stability, restoring market discipline and engendering market confidence,” reads part of the statement.

He said Government is devoted towards implementing and enforcing informed measures aimed at creating a conducive environment to sustainably grow the economy in line with the macro-economic targets under the National Development Strategy 1, which are key for the realization of the aspirations of Vision 2030.

The latest blacklisting comes months after other 19 companies were also blacklisted last year in November.

“Government is concerned and disturbed to note the continuation of indecorous behaviour by some companies who continue to fuel illegal parallel market activities.

“This waters down Government efforts towards the stabilization of the local currency and containment of inflation, thereby pervading the economy at the expense of the generality of citizens of Zimbabwe. Such behaviour cannot be condoned,” further reads the statement.