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The Treasury has blacklisted 51 contractors for illegally channelling funds to the black market after receiving payments in local currency.
In a statement issued on Wednesday, 24 July, Finance, Economic Development and Investment Promotion Minister, Mthuli Ncube, said the move to blacklist the contractors is part of increased measures to stabilise the ZiG and contain inflation.
The blacklisted contractors include Browline Transport (Pvt), Exceptional Office Fitouts and Shop Fitters, Diagno Pharm(Pvt) Ltd, Zambezi Bulk Plant Hire, and Avant Garde Group. Said Ncube:
<blockquote>
Government has blacklisted fifty-one (51) contractors for unlawfully diverting received payments for goods and services to the illegal foreign currency parallel market.
This action has been taken in pursuit of Government’s continued efforts to improve economic stability and restore confidence in the financial system and provide a conducive business environment.
The blacklisted companies have been under scrutiny since 18 July 2022, when Treasury tasked the Financial Intelligence Unit to monitor all payments of high-value Government contracts to identify those involved in illegal foreign currency dealings.
This was meant to contain market forces and align the macro-economy to the liberalised foreign exchange market, whose exchange rate is freely determined by the banking system based on demand and supply.
The introduction of the ZIG as legal tender on 5 April 2024, further stabilised the economy and brought about orderly pricing in the market, a positive development that Government seeks to maintain. 
Government remains committed to improving the economy and will continue to monitor developments in the market.
The continued implementation of the Value for Money principle in Government has realised savings that have enabled the implementation of programmes and projects that benefit citizens.
</blockquote>
Added Ncube:
<blockquote>
The blacklisting listing entails that the above-named companies will be barred from being suppliers or service providers to government as well as the government agencies and this extends to other companies connected with the named directors.
</blockquote>
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/GTRp4LfW4AAGeBO?format=jpg&amp;name=large"/><img alt="Image" decoding="async" src="https://pbs.twimg.com/media/GTRp4LlXEAAurlB?format=jpg&amp;name=large"/><img alt="Image" decoding="async" src="https://pbs.twimg.com/media/GTRp4LmXUAArdDs?format=jpg&amp;name=large"/>
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The government has stopped 51 companies who were cheating by trading money illegally in the black market. The Minister of Finance said this move is to make things stable and control the rising prices. The companies that did this include Browline Transport (Pvt), Exceptional Office Fitouts and Shop Fitters, Diagno Pharm(Pvt) Ltd, Zambezi Bulk Plant Hire, and Avant Garde Group. The government has been keeping an eye on them since 18 July. This step is taken to keep the economy strong. The blacklisted companies will not be able to work with the government anymore. This will help in saving money and benefit the people.

Govt Blacklists 51 Contractors For Trading On Black Market

Statement by the Minister of Finance and Economic Development, Mthuli Ncube on Blacklisting of Contractors channeling Funds to the illegal Foreign Currency Market:
<h2>BLACKLISTING OF CONTRACTORS WHO CHANNEL FUNDS TO THE ILLEGAL FOREIGN EXCHANGE MARKET</h2>
<h2>BACKGROUND</h2>
1. Government continues to implement informed bold measures in an endeavor to promote stability and position the economy on a sustainable growth trajectory. The measures being implemented are in sync with the announcements by his Excellency the President on 7 May 2022 which managed to instill discipline and curb speculative behaviour.
2. Subsequent supportive policy measures from the Ministry of Finance and Economic Development and the Reserve Bank of Zimbabwe during the course of the year have signaled to the market, Government’s utmost commitment to maintaining price stability, and restoring market discipline, which in turn will engender market confidence.
3. You may be aware that on the 18th of August 2022, the Ministry issued a statement advising the public regarding the institution of a Value for Money Process on all payments to suppliers and contractors to Central Government, Departments and Agencies. After a careful analysis, it was observed that certain pricing behaviours and trends in the supply chain to Government Agencies and Ministries pointed to weaknesses in the procurement framework, and that these loopholes contributed to distorted pricing practices by the market and effectively fueled inflation in the economy. A Value for Money’ exercise is underway to strengthen procurement systems and to improve management of payment cycles for Government contracts.
<h2>CONTRACTORS CHANNELING FUNDS TO THE ILLEGAL FOREIGN CURRENCY MARKET</h2>
4. It has been observed that some contractors after passing through the Value for Money process and having received their payment from government still tend to siphon their proceeds into the parallel market thereby causing domestic inflationary pressures.
5. In this regard, this statement today is to give an update on findings from the work conducted by the Financial Intelligence Unit (FIU) on monitoring payments made to Government suppliers as well as measures to deal with non-compliant Contractors with a view to plug parallel market dealing.
6. A total of 19 companies have been identified by the FIU to be involved in this unlawful conduct are as follows:
i. Nariox (Pvt) Ltd
ii. New Age Marketers (Pvt) Ltd 
iii. Pepwit Investments (Pvt) Ltd
iv. Tirumi Investments (Pvt) Ltd
v. Mwendo Africa (Pvt) Ltd 
vi. Alg World Investments (Pvt) Ltd 
vii. Lobmer Investments (Pvt) Ltd 
viii. Nisbank Investments (Pvt) Ltd
ix. Sailgroom Enterprises
x. Wayvar Investments 
xi. Poweride Safaris 
xii. Azelion Energy (Pvt) Ltd
xii. Blackdeck (Pvt) Ltd 
xiv. Paza Buster (Pvt) Ltd 
xv. Redan Coupon (Pvt) Ltd 
xvi. The Best Car Rental 
xvii. The Legacy Car Rental 
xviii. Josam Enterprises (Pvt) Ltd 
xix. Construction Warehouse (Pvt) Ltd
7. The FIU has noted that upon receiving their payments, the companies would engage in spontaneous illegal foreign currency transactions through buying foreign currency from individuals and entities. It was also noted that some of the companies would engage in transactions which are not related to their line of business. Some would also purchase fast moving consumer goods from various manufacturers and the goods would then be sold exclusively in foreign currency.
8. In view of the above, and in an endeavor to maintain sanity in the foreign currency market and to curb inflation, Government is left with no other option than to blacklist the mentioned companies. The Procurement Regulatory Authority of Zimbabwe (PRAZ) will be advised accordingly, to blacklist these entities from doing business with Government.
9. The Government of Zimbabwe remains committed to maintaining macroeconomic stability and the elimination of harmful and destabilizing arbitrage conditions that have pervaded the economy at the expense of the generality of citizens.

FULL TEXT: Govt Names And Blacklists 19 Companies For Illegal Forex Deals

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