ACT-SA URGES RELEVANT AUTHORITIES TO FORFEIT TO THE STATE PROCEEDS OF CRIME FROM FROZEN BANK ACCOUNTS FOR SAKUNDA HOLDINGS, ACCESS FINANCE, CROCO MOTORS AND SPARTAN SECURITIES

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ACT-SA URGES RELEVANT AUTHORITIES TO FORFEIT TO THE STATE PROCEEDS OF CRIME FROM FROZEN BANK ACCOUNTS FOR SAKUNDA HOLDINGS, ACCESS FINANCE, CROCO MOTORS AND SPARTAN SECURITIES

MEDIA RELEASE

23 SEPTEMBER 2019

AThe Anti-Corruption Trust of Southern Africa (ACT-SA) welcomes the decision by the Reserve Bank of Zimbabwe (RBZ) to freeze Bank accounts linked to Sakunda Holdings, Access Finance, Croco Motors and Spartan Securities on allegations linked to money laundering, and black market trading. The illegal activities of some businesses did not come as a surprise since during the month of October 2018, ACT-SA had long suspected the RBZ itself,  local banks, the police and politically connected individuals in being the main drivers of illegal foreign currency trading and other illicit financial activities in the country. The dramatic swoop on bank accounts of the suspects is welcomed but should not be an end in itself. Mr. David Jamali, recommended that all the accused persons should be arrested and taken to court of law for prosecution.  

At least we now know who exactly is responsible for the economic turmoil which the country is facing. All those whom we thought would be exemplary are unfortunately at the forefront of destroying our economy. These entities must be taken to court and be held responsible for the current state of the Zimbabwean economy characterized by increasing prices of basic commodities” he says.

In October 2018, ACT-SA carried out a study which identified the drivers of the illegal money changers (money barons operating the parallel market) as the Reserve Bank of Zimbabwe (RBZ), high profile politicians, local banks and the private sector.

Pursuant to the above, the report made the following recommendations:

  1. An investigation of the RBZ and other stakeholders fingered as the drivers of illegal money changers and the cash crisis;
  2. All parties supplying money to the illegal money changers should be arrested, taken to court and jailed;
  3. Money changers should be registered and regulated to fence-off cases in which they fleece members of the public of hard-earned income;

The report is accessible on request

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