News / National
Vingirai's theft and externalisation trial date set
15 May 2012 at 01:15hrs | Views
THE trial date for former Intermarket Holdings Limited chief executive Nicholas Vingirai, who is facing 11 counts of theft and two of externalisation, has been set for June 18. The charges involve US$300 000, R1 500 000 and Z$5 216 727.
Vingirai yesterday appeared before regional magistrate Ms Esthere Chivasa and was informed of his trial date. Prosecutor Mr Michael Reza alleges that Vingirai was responsible for investing funds into the financial institution's subsidiaries that had their own separate management.
He allegedly connived with one of the signatories, Itayi Tandi, and withdrew substantial amounts of Zimbabwean dollars from the subsidiaries' accounts and bought foreign currency, which they later converted to their personal use.
On August 28 2003, Vingirai allegedly issued a cheque valued at Z$570 000 000 drawn from Intermarket towards First Bank Corporation Ltd to buy US$100 000.
The money was later exported to Citibank London via Intermarket Banking Corporation Zambia without the authority of the Reserve Bank of Zimbabwe.
It is further alleged that on September 6 the same year, Vingirai issued a cheque valued at Z$630 000 000 drawn from the bank account to Remo Stockbrokers.
The funds were reportedly channelled through Coppleridge to Century Bank where US$200 000 was bought and later transferred to Intermarket Discount House in Zambia.
It is alleged US$100 000 was later credited into Vingirai's personal account while the remainder was transferred into his account in the United Kingdom without authority from the Central Bank.
The State also says on September 9, Vingirai issued a cheque worth Z$20 million to Micro-warehouse as a commission to Jivan, who had facilitated the sale of foreign currency from First Bank in August. On November 19, Vingirai again issued a cheque worth Z$1 930 934 to Zimra to buy vehicles imported by Investment Cars, which had nothing to do with Intermarket Holdings.
He gave one J. Rose a cheque valued at Z$6 000 000 and this had nothing to do with the company. He further bought a personal vehicle worth Z$130 000 000 using the company's money, says the State.
The court further heard that on December 17, Vingirai paid Z$8 490 270 to Zimra as duty for the imported vehicles. He also paid for a house in Greystone Park on behalf of Frank Buyanga, the court heard.
In August the same year, Vingirai allegedly exported US$300 000 to Citibank through Intermarket Discount House in Zambia without the authority of the RBZ.
Vingirai yesterday appeared before regional magistrate Ms Esthere Chivasa and was informed of his trial date. Prosecutor Mr Michael Reza alleges that Vingirai was responsible for investing funds into the financial institution's subsidiaries that had their own separate management.
He allegedly connived with one of the signatories, Itayi Tandi, and withdrew substantial amounts of Zimbabwean dollars from the subsidiaries' accounts and bought foreign currency, which they later converted to their personal use.
On August 28 2003, Vingirai allegedly issued a cheque valued at Z$570 000 000 drawn from Intermarket towards First Bank Corporation Ltd to buy US$100 000.
The money was later exported to Citibank London via Intermarket Banking Corporation Zambia without the authority of the Reserve Bank of Zimbabwe.
It is further alleged that on September 6 the same year, Vingirai issued a cheque valued at Z$630 000 000 drawn from the bank account to Remo Stockbrokers.
It is alleged US$100 000 was later credited into Vingirai's personal account while the remainder was transferred into his account in the United Kingdom without authority from the Central Bank.
The State also says on September 9, Vingirai issued a cheque worth Z$20 million to Micro-warehouse as a commission to Jivan, who had facilitated the sale of foreign currency from First Bank in August. On November 19, Vingirai again issued a cheque worth Z$1 930 934 to Zimra to buy vehicles imported by Investment Cars, which had nothing to do with Intermarket Holdings.
He gave one J. Rose a cheque valued at Z$6 000 000 and this had nothing to do with the company. He further bought a personal vehicle worth Z$130 000 000 using the company's money, says the State.
The court further heard that on December 17, Vingirai paid Z$8 490 270 to Zimra as duty for the imported vehicles. He also paid for a house in Greystone Park on behalf of Frank Buyanga, the court heard.
In August the same year, Vingirai allegedly exported US$300 000 to Citibank through Intermarket Discount House in Zambia without the authority of the RBZ.
Source - TH
