Minerva supervisor faces $250k fraud rap

HARARE - A finance supervisor with Minerva Risk Advisors — a short term insurance company — reportedly forged supplier quotations and defrauded the company of more than $250 000.

Magaso Masiiwa, 38, appeared before Harare magistrate Donald Ndirowei yesterday facing fraud charges. She was remanded to January 7 on $100 bail.

Part of her bail conditions ordered her to reside at the given address, report twice at police CID Frauds Section and surrender her travel documents.

Prosecutor Sharon Mashavira alleged that sometime in 2010, Masiiwa, who was responsible for production of financial statements and managing company investments, hatched a plan to defraud her employer together with two accomplices still at large.

Masiiwa and her accomplices reportedly formed various companies which would supply various goods and services needed by their employer.

It is the State’s case that Masiiwa and others were supposed to source quotations from various suppliers and compare prices but instead they reportedly forged quotations from reputable suppliers and wrote inflated prices to justify picking their own companies to supply the products.

Through the misrepresentations, Minerva Risk Advisors reportedly lost $256 897 and nothing was recovered.

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