Paul Nyathi|The Reserve Bank of Zimbabwehas lifted a freeze on Croco Motors’ bank accounts, following investigations which absolved the company of any wrongdoing.

RBZ Financial Intelligence Unit (FIU) director-general Mirirai Chiremba on October 29, 2019, wrote a letter to Croco Motors in which he said that no irregular transactions were observed. He wrote:

“With reference to the above, we wish to advise that the FIU has concluded its analysis of your company’s bank accounts. The analysis did not reveal any irregular transactions.”

“You are, therefore, advised to continue with your normal operations as the directive has now been lifted.”

In September this year, the FIU sent a directive to all banks to freeze the accounts of several companies to facilitate investigations after there was a sudden spike in the exchange rate.

Croco Motors was one of the companies that were under the RBZ’s radar.

The RBZ said it had frozen all outgoing transactions on bank accounts held by Access Finance, Croco Motors, Spartan Security and Sakunda Holdings to facilitate a money laundering investigation.

Sakunda, which has now diversified after starting off as a petroleum company, is owned by Kudakwashe Tagwirei, an ally of President Emmerson Mnangagwa and now part owner of the Commercial Bank of Zimbabwe.

Spartan Security is linked to the Mnangagwa family through one of his sons.

A memo sent to all banks by the central bank acting head of the Financial Intelligence Unit, Wonder Kapofu, said: “The FIU is carrying out analysis on the above-named entities and their sister group companies. As we carry out further analysis, you are directed to freeze, with immediate effect, all accounts held in the names of the listed entities until further notice.

“You shall not process any withdrawals or transfers from the accounts. You should however allow deposits or other flows into the accounts.”

Source: Daily News