RBZ boss applies for bail conditions to be relaxed

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Reserve Bank of Zimbabwe (RBZ) director for the Financial Intelligence Unit, Mirirai Chiremba, who is up for criminal abuse of duty has given the State notice of his intention to make an application for bail variation.

Chiremba through his lawyers told the court that he would serve the State with a letter for his intention for downward variation of his bail. His bail conditions are as follows, $6 000 which was deposited to the clerk of court, surrendering of his passport, reporting three times a week during Mondays, Wednesdays and Fridays  to CID , not to interfere with witnesses from NMB Bank and the RBZ and to surrender title deeds to his house in New Marlborough house as surety.

He stands accused of raising the withdrawal limit of some company without following proper procedures.

Allegations are that on October 13, last year, Suzan General Trading opened an NMB account at the Borrowdale Branch which was meant to facilitate payments by Fidelity Printers and Refiners for gold delivered by Suzan.

At the time, the corporate withdrawal limit was $10 000 per day.

On October 27, Suzan through one of its signatories, Shah Saumilkumar filed an application to NMB requesting for the withdrawal limit to be raised to $30 000.NMB carried out reviews of the application before transferring it to the RBZ financial unit for processing.

Chiremba approved the application on November 3.

On February 23, Suzan successfully applied for their daily limit to be increased to US$95 000 due to business expansion. Suzan tendered another application for the limit to be raised to US $195 000 on August 3 which Chiremba allegedly approved before it was processed by the RBZ Financial Intelligence Unit.

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