Ziyambi Burries Mutsvangwa – ZimEye

Ziyambi Burries Mutsvangwa

By Political Reporter- By Political Reporter – Ziyambi Senior Zanu PF member and judge Ziyambi has criticized his party spokesperson Chris Mutsvangwa over the arrest of Mutsvangwa’s son over allegations of trading with ZiG.

Ziyambi said relatives and children of political heavyweights were destabilizing exchange rates through foreign currency manipulation.

He stated that there would be no exemptions from the government’s crackdown on those who violate the Exchange Control Law.

“We have discovered that those who are causing problems (in the market) are sons of bigwigs, but this time we will not stop the perpetrators of currency manipulation because they are sons or daughters of a political heavyweight. We will arrest and sentence them (if they are found on the wrong side of the law),” Ziyambi said.

This statement comes after the arrest of Neville Mutsvangwa, son of ZANU PF spokesperson Chris Mutsvangwa, and Monica Mutsvangwa, Minister of Women’s Affairs.

Neville was arrested a fortnight ago at his Mt Pleasant home in Harare by detectives from the CID’s commercial crimes unit for allegedly violating the Exchange Control Act by illegally trading in foreign currency.

Neville remains in custody, awaiting a bail ruling from the High Court on Monday next week.

Sources informed Business Times that the ruling elites are acquiring cheap foreign exchange from local financial institutions and channeling it into the parallel market through their children.

A source commented: “We have a situation where most of the children of top chefs are in the business of illegal foreign exchange transactions, gold smuggling and money laundering, but nothing has been done to them. We hope there will be a change as Minister Ziyambi has said that children involved in illicit businesses will be dealt with. We don’t know what the police meant when they said they want the public to give them information about those who supply money to money changers when they have everyone’s databases and can access bank accounts and information from everywhere. “They are afraid of facing the real godfathers of illicit businesses.”

However, some economists argue that arresting currency manipulators will not stop the depreciation of Zimbabwe Gold (ZiG) as the market lacks confidence in the new currency.

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