UD$151K Offshore Deal Lands Local Firm in court

Munyaradzi Mashiri- Court Correspondent

A Harare-based company, Mapho Tradelink Procurement and Logistics (Pvt) Ltd, and its representatives have been dragged before the courts over allegations of breaching exchange control regulations by making unauthorised foreign payments totaling US$151 218 to China.

The company, represented by Petronella Matare and 26-year-old Angella Mahachi, appeared at the Harare Magistrates' Court facing charges of making offshore payments without the authority of the Reserve Bank of Zimbabwe.

They are set to return to court on September 9, 2025.

Between January and August 4, 2025, Mapho Tradelink allegedly facilitated the purchase of various goods from China on behalf of Zimbabwean clients, receiving cash payments totaling US$151,218.

Mahachi is said to have overseen these transactions in her capacity as a company representative.

The court heard that the funds were received in cash from several individuals in Zimbabwe, who were seeking to procure goods from China.

Mahachi then allegedly remitted the payments to Chinese suppliers—without seeking or receiving authorization from the RBZ’s Exchange Control Department.

Investigations revealed that the accused company was not registered as an importer or exporter and had no clearance to make offshore transactions, borrowings, or investments.

Prosecutors further allege that the company used proceeds from the illicit transactions to acquire laptops and phone accessories.

These goods were allegedly used to conceal the origin, ownership, and movement of the funds—an act in violation of the Exchange Control Act.