A finance institution, Chemmodities Trading Private Limited and its director, Isau Bwerinofa, are being charged with dealing in foreign currency on the parallel market.
Bwerinofa, who is jointly charged with his company, yesterday appeared before Harare regional magistrate Taurai Manwere, charged with illegally dealing in foreign currency.
They were not asked to plead the charges.
The State, led by Mr Lancelot Mutsokoti, opposed granting of bail to Bwerinofa and his company saying the former was a flight risk and had means to sustain himself outside the country.
In his bail application, Bwerinofa, who was represented by Advocate Tawanda Zhuwarara, denied that he was a flight risk.
He said he and his company were of a fixed abode and were not into illegal forex dealings as alleged by the State. Mr Mutsokoti said sometime in January this year Bwerinofa allegedly teamed up with Access Finance, which has since appeared in court on the same allegations, and hatched a plan to buy foreign currency on the black market.
Acting in connivance as directors, they allegedly used 12 Access Finance registered Ecocash account numbers linked to its Steward Bank corporate account and allegedly transferred $185 420 444.37 into the said EcoCash account numbers.
Pursuant to their plans and in breach of the exchange control regulations, which require a bureau de change to contact business at its RBZ approved office, they allegedly transfered the funds in question from Access Finance Ecocash accounts into several Ecocash agent lines owned by companies and individuals dealing in forex on the streets.
The recipients would buy foreign currency from the streets on behalf of the accused. Their acts were in violation of the foreign exchange control regulations, the court heard.
Bwerinofa and his company are expected back in court on Monday for bail ruling.