Finance minister Mthuli Ncube says the government has Suspended 12 Companies from the foreign exchange auction system on allegations of corruption.

The Zimbabwe Independent reports that the companies we channeling part of the funds to the black market.

Mthuli said: ” We are aware of allegations that some companies that a benefiting from the auction are engaged in transfer pricing and other malpractices”.

The minister said the Reserve Bank of Zimbabwe and the finance Intelligence Unit are investigating the matter.

The forex auction was launched in June 2020 to contain volatile exchange rates.

Mthuli said names of the culprits will be released in the coming weeks once the probe has be done.

Read full story on the Zimbabwe Independent