Prenuel Enterprises (Pvt) Ltd has been fined by the Harare Magistrates’ Court, after being convicted of unlawfully importing methanol without the required authorisation from the Reserve Bank of Zimbabwe (RBZ).
The company, represented in court by Zvikomborero Nyakutira (46), admitted to importing methanol worth US$423 043.48 between January 2 and March 22, 2025, without registering as an importer with the RBZ’s Exchange Control department.
According to the National Prosecuting Authority of Zimbabwe (NPAZ), the consignments were cleared at ports of entry by the Zimbabwe Revenue Authority (ZIMRA). However, subsequent investigations revealed that payments for the imports were made outside the formal banking system, in violation of exchange control regulations.
Prenuel Enterprises pleaded guilty to the offence and was duly convicted.
The court imposed a fine of US$3 500, or its equivalent in Zimbabwe Gold (ZiG), payable by March 30, 2026. Failure to settle the fine will result in the seizure of company property.
In a statement following the ruling, the NPAZ cautioned businesses against flouting exchange control laws, stressing that compliance is compulsory.
“Compliance with exchange control regulations is mandatory, not optional. All transactions must be conducted through the formal banking system,” the NPAZ said.
