News / National
Mugabe up for $300,000 fraud
12 Mar 2019 at 06:10hrs | Views
Former Zimbabwe National Road Administration (ZINARA) board chairman Albert Mugabe yesterday appeared in court charged with criminal abuse of duty.
He allegedly wrote to CBZ bank lying that the ZINARA board had agreed to set off a $300 000 mortgage for the parastatal's chief executive officer, Nancy Chamisa Masiyiwa.
It is alleged he did so without the approval of the board. Mugabe appeared before magistrate Mrs Vongai Muchuchuti-Guwuriro. He was granted $500 bail and ordered to report once a week to the police.
Mugabe was remanded to April 11. He was represented by Mr Admire Rubaya.Prosecutor Mr Sebastian Mutizirwa alleged that on March 30 2017, ZINARA human resources committee resolved to obtain a mortgage (loan) from CBZ bank for Masiyiwa.
They ensured the board approved the $300 000 00 loan with CBZ bank for Masiyiwa as a housing scheme. On April 5, Mugabe allegedly wrote to CBZ lying that the board had approved the mortgage for Masiyiwa and that ZINARA would pay off the loan in the event of her contract expiring.
According to the State, ZINARA board had not approved the loan facility.
On April 11, Mugabe allegedly wrote to CBZ again advising that the ZINARA board had agreed to set off the $300 000 mortgage facility in the event that Ms Masiyiwa accrued arrears or if her employment contract was terminated.
CBZ bank approved the mortgage. It released the money on the strength of the letters of undertaking and set-off authored by Mugabe.
He allegedly wrote to CBZ bank lying that the ZINARA board had agreed to set off a $300 000 mortgage for the parastatal's chief executive officer, Nancy Chamisa Masiyiwa.
It is alleged he did so without the approval of the board. Mugabe appeared before magistrate Mrs Vongai Muchuchuti-Guwuriro. He was granted $500 bail and ordered to report once a week to the police.
Mugabe was remanded to April 11. He was represented by Mr Admire Rubaya.Prosecutor Mr Sebastian Mutizirwa alleged that on March 30 2017, ZINARA human resources committee resolved to obtain a mortgage (loan) from CBZ bank for Masiyiwa.
According to the State, ZINARA board had not approved the loan facility.
On April 11, Mugabe allegedly wrote to CBZ again advising that the ZINARA board had agreed to set off the $300 000 mortgage facility in the event that Ms Masiyiwa accrued arrears or if her employment contract was terminated.
CBZ bank approved the mortgage. It released the money on the strength of the letters of undertaking and set-off authored by Mugabe.
Source - the herald
