Three more Zinara bosses nabbed

HARARE - Three more Zimbabwe National Road Administration (Zinara) executives appeared in court yesterday facing criminal abuse of duty charges related to the embezzlement of $300 000.

Zinara accountant Stephen Matute, regional engineer Givemore Tendai Kufa and director Human Resources management Precious Murove appeared before Harare magistrate Josephine Sande.

The trio is jointly charged with their bosses Simon Mudzingwa Taranhike and Shadreck Matengabadza who have appeared in court facing the same charges.

The State yesterday consented to $200 bail by each of the accused persons coupled with stringent conditions.

Matute, Kufa and Murove were ordered to surrender their passports, continue residing at present addresses and not interfere with witnesses.

The complainant is Zinara represented by chief executive officer Nancy Namatai Musiyiwa.

Prosecutor Sabastian Mutizirwa alleged that sometime in 2011, Zinara was advanced a 10-year loan facility of $206 million by Development Bank of South Africa (DBSA) for construction and rehabilitation of the 823km Plumtree-Mutare highway.

The loan was released through Infralink (Pvt) Ltd, a company jointly owned by Zinara and Group Five (Pvt) Ltd which was formed specifically to manage the fund.

It was alleged that a local bank was nominated by DBSA to facilitate the loan repayment on a quarterly basis.

The court heard that all hard currency realised from Zinara’s operations would be channelled to the nominated local bank for remittance to DBSA.

Due to foreign currency shortages, remittances to the bank were done in bond notes, leaving the bank with the task of sourcing hard cash on behalf of Zinara.

Taranhike, Matengabadza and their subordinates allegedly connived with directors of Grayriver (Pvt) Ltd (Grayriver), Munyaradzi Paraiwa and Magaisa Sobuzobani, and made a transfer of $300 000 into their company’s bank account.

The money, according to the State, was transferred on the pretext that it was a reimbursement to Grayriver’s South Africa’s sister company Solarwatts (Pvt) Ltd which was alleged to have paid $250 000 to DBSA as part payment of Zinara’s loan obligation.

On May 24, Grayriver then made transfers varying from $12 000 to $40 500 to Albert Fungai Muzambi, Honest Kugotsi, Willo Mackenzie and Chandler Moyo, respectively.

A security department at another local bank was tipped that Grayriver was a fraudulent company being used by Taranhike and Matengabadza to siphon Zinara money.

The information was passed to Reserve Bank of Zimbabwe supervisory unit and a police report was made.

An analysis of beneficiaries bank statements by police established that Matengabadza’s wife Chemusaiziva had received $2 500 from $300 000 paid to Grayriver.

It was further established that Sobuzobani, who had been listed as a signatory to Grayriver’s bank account opened in February 2017, was actually dead, according to registrar general’s office.

Forged papers had been used to open the account, the court was told.

Records availed to the police revealed that in May, Taranhike and Matengabadza sourced $2, 8 million from the informal market knowing that Zinara’s official foreign currency source was the nominated bank and RBZ.

Comments (2)

kkkkk all parastals bunch of crooks I Cried my beloved country wakoma

Dofo - 20 July 2017

Kufa property portfolio will shock the nation if its published. Mai Mujuru's boy..

nehanda nyakasikana - 21 July 2017

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