Business / Companies
Cops accused of being too slow in CMED fraud case
21 Oct 2014 at 19:07hrs | Views
Police have been accussed of being too slow in arresting known perpetrators after CMED lost US$2,7 million allegedly lost through fraud said advocate Ashton Musunga of Musunga.
However, Police Spokesperson Senior Assistant Commissioner Charity Charamba said investigations are still ongoing.
She said the process also involves going beyond the borders of Zimbabwe to countries which are under the jurisdiction of other nations.
Through the High Court, summons for a court appearance were issued to First Oil Company (Pvt) Ltd, Maxwell William Katunga, Lynon Gilbert Katunga, Alex Kudakwashe Mahuni, Gavin Allen Katunga and the CMED's suspended managers Davision Mhaka and Brian Manjengwa.
CMED is demanding restitution for the US$2,7 million lost in a botched fuel deal, another US$665 000 damages for the cost of finance with interest at the prescribed rate from the 1st of January 2014.
The company is claiming another US$611 000 as damages for loss of profit with interest at the prescribed rate from the 30th of September 2014.
Both Mhaka, who was the company's managing director and Manjengwa, who was the fuels manager, have been suspended by the CMED pending hearings.
However, Police Spokesperson Senior Assistant Commissioner Charity Charamba said investigations are still ongoing.
She said the process also involves going beyond the borders of Zimbabwe to countries which are under the jurisdiction of other nations.
CMED is demanding restitution for the US$2,7 million lost in a botched fuel deal, another US$665 000 damages for the cost of finance with interest at the prescribed rate from the 1st of January 2014.
The company is claiming another US$611 000 as damages for loss of profit with interest at the prescribed rate from the 30th of September 2014.
Both Mhaka, who was the company's managing director and Manjengwa, who was the fuels manager, have been suspended by the CMED pending hearings.
Source - ZBC
