Colcom finance director freed on bail

HARARE - A Harare magistrate has freed on $100 bail Colcom Holdings Limited group finance director, Kenias Horonga who is facing fraud charges.

Horonga, 45, is accused of swindling the food manufacturing company of $19 074.

The court heard that Horonga was responsible for monitoring the company’s finance department.

Prosecutor Tungamirai Chakurira told the court that Horonga created his own system known as the ‘‘I owe You Policy’’, which he used to siphon funds from the company between January and October, this year.

According to state papers, using the system, Horonga could use unsanctioned petty cash vouchers to withdraw money from the company treasury for personal use.

The system is contrary to the company policy as the firm would only authorise withdrawals of funds for personal use through approved loan applications, the court was told.

It is alleged that Horonga withdrew the money on pretext that he could pay back later.

After realising he could not pay back the money, the court heard he applied for a loan of $13 300 in May, in a bid to settle the debts.

The court heard that after the loan was approved, Horonga did not withdraw the money from the treasury account. According to state papers, he wanted the loan to cover for the money that he withdrew using the illegal cash vouchers.

The offence came to light, leading to Horonga’s arrest.

Horonga is represented by Admire Rubaya.

He will be back in court on December 10.

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