EcoCash Boss Natalie Jabangwe Being Charged
The Reserve Bank of Zimbabwe (RBZ) is charging EcoCash bosses under the Money Laundering Act for allegedly fueling illegal foreign currency dealings on the black market.
The Financial Intelligence Unit is charging EcoCash CEO Natalie Jabange and EcoCash Director Eddie Chibi in their individual capacities for allegedly failing to comply with the regulatory requirements for financial institutions. Eddie Chibi is also the chief executive officer of Cassava SmarTech Zimbabwe, the holding company of EcoCash.
The money authorities allege that EcoCash under the direction of Jabangwe and Chibi willfully disregarded a directive by the RBZ to freeze accounts of EcoCash agents suspected of involvement in money laundering and illicit transactions. The RBZ further alleges that the defiance calls into question Jabangwe and Chibi’s suitability to hold management positions in any financial institution.
The central bank and EcoCash are currently at war with the RBZ accusing EcoCash of running a giant and elaborate Ponzi Scheme which is causing the rapid deterioration of the Zimbabwe Dollar. EcoCash, on the other hand, has denied the charges and has dragged the monetary authorities to the courts for making irrational and illegal directives. This comes after the Reserve Bank ordered EcoCash to freeze thousands of accounts linked to mobile money agents who which transact over ZWL$100 000 per month. This figure translates to less than US$2 000 per month on the streets.
EcoCash and its executives have denied the charges saying they are being scapegoated by the authorities. Below are some of the documents from the Financial Intelligence Unit (FIU).
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