Zimbabwe News and Internet Radio

RBZ director wants reporting conditions relaxed

By Geraldine Zaranyika

Suspended Reserve Bank of Zimbabwe (RBZ) director for the Financial Intelligence Unit Mirirai Chiremba, who is facing charges of criminal abuse of office, has notified the State of his intentions to apply for the relaxation of his bail conditions on the next court date.

Mirirai Chiremba
Mirirai Chiremba

Chiremba allegedly raised the withdrawal limit of Suzan General Trading without following procedure.

He appeared before magistrate Ms Ruramai Chitumbura on Thursday for routine remand and was remanded to February 16.

When he initially appeared in court, Chiremba was released on $6 000 bail and was ordered to report three times a week at CID Commercial Crimes Division.

He was now seeking to have the reporting conditions relaxed.

Allegations are that on October 13, 2017, Suzan opened an NMB account at the Borrowdale Branch which was meant to facilitate payments by Fidelity Printers and Refiners for gold delivered by the company.

At the time, the corporate withdrawal limit was $10 000 per day.

On October 27, Suzan, through one of its signatories, Shah Saumilkumar, submitted an application to NMB requesting for its withdrawal limit to be raised to $30 000.

The bank reviewed the application before transferring it to the RBZ financial unit for processing.

Chiremba approved the application on November 3.

On February 23, Suzan again applied for their daily limit to be increased to US$95 000 on August 3 due to business expansion and Chiremba allegedly approved the request before it was processed by the RBZ Financial Intelligence Unit. The Herald.