Saturday, October 31, 2020

Zimbabwe links mobile phone operator Econet to money laundering activities

-

Zimbabwean police have issued a warrant against the largest mobile phone operator Econet Wireless to hand over a list of its mobile money transactions and subscribers because authorities suspect it of involvement in money laundering, according to the warrant.

President Emmerson Mnangagwa’s government has already suspended some of Econet’s mobile money transactions. Authorities last month also halted all trade on the local stock exchange.

In the search warrant issued on Friday night and seen by Reuters, police accused Econet of creating fictitious mobile money and converting it to cash to facilitate purchasing foreign currency on the black market and taking the money out of Zimbabwe.

The central bank has made similar accusations before, which Econet has denied.

- Advertisement -

A senior Econet official, who declined to be named because he is not authorised to speak to the media, said the government Econet would challenge the move in court.

A spokesman for the company said he could not immediately comment.

The police ordered Econet to provide a list of all subscribers, mobile money transactions and financial statements covering Jan. 2 to June 30 this year “for the purpose of investigating or detecting a case of money laundering.”

Police spokesman Andrew Phiri declined to comment.

- Advertisement -

Zimbabwe has alarmed investors with its decision to suspend the stock exchange.

Mnangagwa’s ruling ZANU-PF party has asked the government to de-list Old Mutual’s local unit from the Zimbabwe stock exchange, accusing it of fanning the foreign currency black market.

The Zimbabwe dollar, which was brought back last year without any foreign or gold reserves, is in freefall, fuelling inflation to more than 700%.

MUST READ

Actress Lori Loughlin begins 2-month prison sentence for role in college admissions scam

Actress Lori Loughlin reported to a federal prison in Northern California on Friday to start a two-month sentence for her role in a massive...

FirstEnergy fires CEO, other executives over Ohio bribery scandal

FirstEnergy Corp. has fired its CEO amid multiple federal investigations related to an Ohio nuclear bailout law passed year. The Akron-based utility company announced in a...

Ukraine’s court strips critical power from anti-corruption agency

Ukraine's Constitutional Court has stripped the country’s anti-corruption agency of some of its critical powers. The high court’s ruling published on October 28 declared it...

Former South Korean President Lee Myung-bak sent back to prison for 17 years in corruption case

Former South Korean president Lee Myung-bak was ordered back to prison on Thursday (Oct 29) as the country's Supreme Court upheld a 17-year jail...

Nigerian court declines to issue international arrest warrant for fugitive ex-Petroleum Minister in corruption case

The Abuja Division of the Federal High Court, on Wednesday, refused an application by the Economic and Financial Crimes Commission, EFCC, for an arrest...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Nigerian court declines to issue international arrest warrant for fugitive ex-Petroleum Minister in corruption case

The Abuja Division of the Federal High Court, on Wednesday, refused an application by the Economic and Financial Crimes Commission, EFCC, for an arrest...

Former Columbus mayor Eisenga charged with bank fraud

A former Columbus mayor and businessman who was once at the center of a controversial bill aimed at reducing child support payments for wealthy...

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Former solicitors used 60 fake identities, homeless people to defraud banks

A married couple who are former solicitors created 60 false identities, donned disguises and paid homeless people for their PPS numbers in order to...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks