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Marconati gets two-year jail term in Zimbabwe
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Marondera businessman Francesco Marconati has been sentenced to two years in prison after being found guilty of fraudulently removing his business partner from the directorship of Eagle Italian Shoes. Harare magistrate Mr Donald Ndirowei initially handed Marconati a five-year sentence, with three years suspended on the condition that he does not commit a similar offence.
In delivering his judgment, Mr Ndirowei noted that Marconati knowingly bypassed proper procedures when he committed the offence, despite having a long-standing business and social relationship with the complainant.
"The accused and the complainant have been business and social partners for many years," the magistrate said. He emphasized that the complainant suffered severe emotional distress and financial losses due to Marconati's actions.
The court also heard that Marconati had two prior convictions, branding him a serial offender. Mr Ndirowei remarked that Marconati's repeated involvement in similar crimes necessitated a deterrent sentence to prevent further violations.
Marconati was convicted of two counts of fraud related to his unlawful removal of Ms Song from Eagle Italian Shoes' directorship. According to the State, represented by Mr Anesu Chirenji, Marconati provided falsified documents to the registrar of companies to oust Ms Song from her position.
The court learned that on October 14, 2021, Marconati submitted a fake CR6 form to both Ecobank and First Capital Bank, removing Ms Song as a director and signatory of the company's accounts, replacing her with his son, Alessandaro Marconati. The fraudulent CR6 was never filed with the registrar of companies, and no general or shareholders meeting had been held to validate the removal.
In 2023, Marconati and his son further escalated the fraud by filing another forged CR6 and appointing Kutaura Bond as an additional company director. Their actions resulted in a financial loss of US$6.8 million.
The court's ruling underscores the serious consequences of corporate fraud and the need for adherence to legal processes in business governance.
In delivering his judgment, Mr Ndirowei noted that Marconati knowingly bypassed proper procedures when he committed the offence, despite having a long-standing business and social relationship with the complainant.
"The accused and the complainant have been business and social partners for many years," the magistrate said. He emphasized that the complainant suffered severe emotional distress and financial losses due to Marconati's actions.
The court also heard that Marconati had two prior convictions, branding him a serial offender. Mr Ndirowei remarked that Marconati's repeated involvement in similar crimes necessitated a deterrent sentence to prevent further violations.
The court learned that on October 14, 2021, Marconati submitted a fake CR6 form to both Ecobank and First Capital Bank, removing Ms Song as a director and signatory of the company's accounts, replacing her with his son, Alessandaro Marconati. The fraudulent CR6 was never filed with the registrar of companies, and no general or shareholders meeting had been held to validate the removal.
In 2023, Marconati and his son further escalated the fraud by filing another forged CR6 and appointing Kutaura Bond as an additional company director. Their actions resulted in a financial loss of US$6.8 million.
The court's ruling underscores the serious consequences of corporate fraud and the need for adherence to legal processes in business governance.
Source - The Herald
