Case against RBZ theft of charity cash postponed

A High Court Judge on Thursday postponed a case in which a leading HIV/AIDS charity is challenging the Reserve Bank of Zimbabwe (RBZ) for the theft of half a million dollars.

The RBZ, as well as officials from Standard Chartered Bank (StanChart) stand accused of misappropriating an estimated $500, 000 from the Zimbabwe Aids Network (ZAN).

In 2008, StanChart was forced to transfer the ZAN donor funded cash to the RBZ, after it ‘centralised’ all foreign currency accounts in 2007. This was part of efforts to stem the imminent collapse of the economy, which had suffered from years of economic misuse and bad policies by the then ZANU PF led government.

The ‘centralised’ order saw authorised dealers of forex being forced to hand over their clients’ money to the RBZ, which resulted in more than a billion dollars worth of foreign cash being seized.

A Judge on Thursday postponed the case, giving the two banking institutions time to conduct talks, with StanChart seeking indemnity from the RBZ over the issue. StanChart has insisted it was acting on orders when it allowed the RBZ to raid the foreign accounts. But the RBZ has in turn also tried to seek immunity over the issue.

The case is set to continue on December 3rd. – SW Radio Africa News

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