Is Victoria Falls Stock Exchange capital market innovation or regulatory haven?

The foreign currency bourse located in Zimbabwe hasn't fared as expected nearly 2 years into its existence. Companies in Zimbabwe are starting to list on the Victoria Falls Stock Exchange but not to raise capital. They are listing on that market for other reasons and not necessarily for what the core purpose of a stock exchange is. Financial market pundits in Zimbabwe have postulated that it is not fair to judge the success of a new securities exchange unless the parameters are over a long-time horizon. This is a fair assertion. However, a close look at the bourse so far should provide investors and other financial market participants with enough perspective to form a position to enable them to objectively ascertain the trajectory it will take in the future. From its inception, the VFEX attracted the following companies which have been listed on it PPC Limited, Seed Co, Padenga Holdings, Caledonia Mining Company, Bindura Nickel Corporation. A grand total of four companies have been listed on the foreign exchange denominated stock exchange... Hardly a listing boom... These companies have through their listings raised no more than US$10 million dollars. It has been reported that diversified Zimbabwean miner RioZim Limited is