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Tendai Rupapa Senior Court Reporter
The State yesterday urged the court to fine a Harare company a total of $70 000 for contravening the Exchange Control Act by failing to provide export documentation within a stipulated time after exporting gold jewellery worth over $1 million to Namibia and South Africa. Vernmal Investments (Pvt) Ltd, represented by Roland Murapa, pleaded guilty to four counts of contravening Section 7 of the Exchange Control Act for “failing to acquit export documentation within 90 days of the date of raising the documentation unless an extension thereto has been duly granted by an exchange control authority”. During aggravation, prosecutor Mr George Manokore said, “Your Worship, this offence is by no chance a minor one.

“It is an offence which affects the country’s economy negatively,” he said.

“The moral blameworthiness is high since they knew the statutory provisions for acquitting returns. We believe the accused is just using the company as scapegoat, yet the transactions are to their personal benefit. The amount is quite substantial, over a million, therefore, the State is proposing a fine of between $60 000 to $70 000, failure of which the State will execute a writ of execution.”

Harare regional magistrate Mr Hoseah Mujaya rolled over the matter to today for determination. Between January to June this year, the company, having been granted authority by the Reserve Bank of Zimbabwe to export gold jewellery valued at $462 399, 14 to Namibia, unlawfully failed to acquit the said export documentation within the stipulated time frame.

It failed to bring the export proceeds without leave of the exchange control authority.

From June to September, the company was granted authority by RBZ to export jewellery worth $273 619,26 to South Africa and without seeking an extension, it also failed to remit the export proceeds.

During the same period, they also exported gold worth $156 013,80 and again failed to follow the laid down procedures.

The court also heard that the company failed to follow the stipulated regulations after exporting gold valued at $181 388,20.