RBZ Bosses Implicated In Black Market Activities Resign As Crackdown Gets Too Hot

RBZ Bosses Implicated In Black Market Activities Resign

RBZ Bosses Implicated In Black Market Activities Resign
Mirirai Chiremba one of the RBZ bosses implicated in black market activities who resigned

In a stunning development, two senior Reserve Bank of Zimbabwe (RBZ) who were previously implicated in illicit black-market activities have resigned.

Mirirai Chiremba and Norman Mataruka were part of four RBZ senior directors who were accused of corruption and involvement in the black market by Zanu-PF activist and former chairperson of the Ministry of Finance’s Communications Taskforce Acie Lumumba in October 2018. All four were later cleared of all wrongdoing by Reserve Bank of Zimbabwe (RBZ) governor John Panonetsa Mangudya following a two-month-long investigation.  The  Acie Lumumba led Finance and Economic Development Communication Taskforce which had been appointed by Finance minister Mthuli Ncube was disbanded just three days after Lumumba’s explosive revelations.

However, the Chiremba and Mataruka are reported to have resigned from the central bank following a crackdown by the RBZ on its employees who are suspected of involvement in foreign currency black market activities.

Chiremba who is the director of the Financial Intelligence Unit (FIU) is reported to have tendered his resignation early this month, together with Mataruka. According to sources at the central bank, the two resigned preemptively, as the investigation was getting too hot for their liking.

Sources who spoke to online publication, the Zim Morning Post said,

“There is an investigation on the illicit financial flows on foreign currency, and the investigation has caused Chiremba and Materuka to resign.

“Their resignations are a strategy to evade justice but if they are found guilty, appropriate action will be taken,”

However, the source revealed that if the investigation unearthed solid evidence that the two were into money, laundering, then their resignations would not help them to escape the course of justice.

Efforts to get a comment from RBZ governor John Mangudya were unsuccessful at the time of writing.

Ironically, one of the directors who resigned, Mirirai Chiremba was previously suspended by Mangudya’s predecessor, former RBZ governor Gideon Gono over similar allegations. Chiremba was suspended back in 2007 after he allegedly exposed the RBZ’s role in purchasing foreign currency on the black market. Chiremba who was responsible for raising foreign currency on the black market for the central bank was allegedly skimming some of the money by inflating the rates at which he had purchased the foreign currency. He was later cleared following an internal investigation.

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