Director up for fraud

HARARE -  A director with Phoenix Security Systems has been hauled before the courts for unlawfully selling motor vehicles and agriculture equipment valued at $400 000.

Ishmael Mangwanya appeared before Harare magistrate Donald Ndirowei facing fraud charges.

He was remanded to August 14 on $300 bail.

The vehicles in question were properties of TD Holdings which is the holding company of Phoenix Security.

TD Holdings is in the agro business and is being represented by its secretary, Joshua Chimhanda.

Phoenix Security Systems is a subsidiary company of TD Holdings situated in Graniteside, Harare.

Mangwanya’s duties among others included overall security of TD Holdings and its subsidiaries, and had limited access to TD Holdings.

Prosecutor Sharon Mashavira alleged that between 2011 and 2013, Mangwanya sold 12 company vehicles, seven motorcycles and farm equipment to different people and converted the proceeds to his own use.

An internal audit was carried out in February and unearthed Mangwanya’s alleged offences.

The audit team made follow-ups using filed records and recovered seven motor vehicles and five motor cycles from people who had bought them from Mangwanya.

It was also discovered that Mangwanya sold the vehicles as shells when they were in fact in good condition.

Mangwanya was subsequently arrested and property worth $150 000 was recovered.

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    GALLERYCARTRIDGES - 19 July 2014

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