News / National
Chiyangwa loses $4 000 to Pinnacle Holdings MD
15 Sep 2011 at 08:47hrs | Views
PROPERTY MOGUL Philip Chiyangwa has been a victim of theft after he reportedly lost $4 000 to his managing director. Simbarashe Mashanga (28), who is Pinnacle Holdings MD, one of Chiyangwa's companies, appeared before Harare magistrate Anita Tshuma facing three counts of theft of trust property.
Simbarashe was not asked to plead to the allegations and was released out of custody on $50 bail. He was ordered not to interfere with State witnesses and to continue residing at the address he gave to the court. Simbarashe's trial was set for October 6. The State, led by prosecutor Crispen Mavengano, alleges that Simbarashe's duties included receiving money from the company administrator and he would complete a memorandum of the daily receipts and tally it with the receipt book.
Claims are that he was supposed to deposit the money or forward it to the company head office or to Chiyangwa. On the alleged first count on June 27, allegations are that Simbarashe received $3 700 on receipt number 3830 from the company clients but he converted $2 000 to his own use, after he had indicated $1 700 to cover up for the theft.
On the second count, State indications are that he received $3 000 on receipt number 3941 and he stole $1 000 and to cover up for the alleged offence, he is said to have understated the figure of the memorandum of the daily returns and he only endorsed $2 000.
On the third offence, it is said that Simbarashe received $1 000 which he stole and to cover up, he omitted to include the receipt number on the daily returns. Investigations are said to have revealed Simbarashe as the culprit leading to his arrest.
Simbarashe was not asked to plead to the allegations and was released out of custody on $50 bail. He was ordered not to interfere with State witnesses and to continue residing at the address he gave to the court. Simbarashe's trial was set for October 6. The State, led by prosecutor Crispen Mavengano, alleges that Simbarashe's duties included receiving money from the company administrator and he would complete a memorandum of the daily receipts and tally it with the receipt book.
On the second count, State indications are that he received $3 000 on receipt number 3941 and he stole $1 000 and to cover up for the alleged offence, he is said to have understated the figure of the memorandum of the daily returns and he only endorsed $2 000.
On the third offence, it is said that Simbarashe received $1 000 which he stole and to cover up, he omitted to include the receipt number on the daily returns. Investigations are said to have revealed Simbarashe as the culprit leading to his arrest.
Source - Metro
