Zimbabwe board to be read riot act

The government-backed Sports and Recreation Commission (SRC) is set to read the riot act to Zimbabwe Cricket after the board was found guilty by Harare magistrates of breaching the country's strict foreign exchange regulations. ZC was fined around US$50,000 after pleasing guilty to breaking the law with regard to payments totaling more than US$1.3 million in 2005.

Local media quoted a source at the SRC as saying that by breaching the country's exchange regulations, ZC had also breached SRC laws. "The SRC is serious these days about how sporting associations are being run. We want to call up Peter Chingoka and his board to come and explain what exactly was happening which involved foreign currency.

"We all know that ZC earns a lot of money in foreign currency and there is need for us as custodians of all associations to closely monitor how the funds are being handled," the source continued. "While the court found them guilty, we also feel there is more to it than what came out in court."

It is not the first time that ZC has been in hot water over forex breaches. Chingoka, the ZC chairman, and Ozias Bvute the managing director, were questioned last year in connection with investigations into the externalisation of huge amounts of foreign currency. Charges against the pair were, however, dropped after what the local media reported as intervention by senior government officials.