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Joseph Kanyekanye in court for fraud
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Executive chairperson of Alliance Holdings and former president of the Confederation of Zimbabwe Industries, Joseph Kanyekanye, appeared in court on Saturday facing allegations of extortion, fraud and money laundering involving more than US$663,000.
The 58-year-old appeared before Harare regional magistrate Mr Musaiona Shortgame, who remanded him in custody until Monday for a bail hearing.
According to the State, Kanyekanye allegedly extorted funds from Pharmaceutical and Chemical Distributors (PCD) between April 14 and April 17 this year.
Prosecutors allege that Kanyekanye, acting with accomplices who are still at large, exerted pressure on the company by demanding money purportedly meant for national Independence Day celebrations held in Maphisa, Matabeleland South.
The court heard that Kanyekanye allegedly invoked the name of Emmerson Mnangagwa while making the demands and threatened unspecified consequences if the company failed to comply.
As a result, PCD allegedly transferred US$663,480 from a trust account into a Jemina Capital CBZ Bank account on April 17, 2026.
On the second count, prosecutors accuse Kanyekanye of fraud involving the Ministry of Finance, Economic Development and Investment Promotion.
The State alleges that between March and April 2026, Kanyekanye and his alleged accomplices forged payment instructions on a letter falsely presented as originating from PCD.
The letter allegedly requested the release of funds from Treasury Bills and falsely suggested the request had backing from the President's Office.
According to the prosecution, Kanyekanye allegedly knew that PCD's contract with Government had already expired and that neither the company nor the President's Office had authorised the communication.
Believing the request to be genuine, the Ministry allegedly released US$1.8 million into PCD's account.
The court heard that PCD subsequently transferred US$884,641 into its lawyers' trust account.
Prosecutors allege Kanyekanye later produced the forged letter to both the complainant and the lawyers, claiming the money was urgently required for Independence Day celebrations and warning that failure to release the funds could result in the cancellation of future payments by the President's Office.
Acting on those representations, the lawyers allegedly transferred US$663,480 into the Jemina Capital CBZ account provided by Kanyekanye.
The State alleges the funds were never used for Independence Day celebrations but instead benefited Kanyekanye and his alleged accomplices.
On the third count, prosecutors accuse Kanyekanye of money laundering.
The State alleges that between March and April 17, 2026, he transferred the US$663,480 through various third-party accounts in an effort to conceal the source, ownership and nature of the funds allegedly obtained through fraud and extortion.
Investigations are continuing, while Kanyekanye's alleged accomplices remain at large.
The 58-year-old appeared before Harare regional magistrate Mr Musaiona Shortgame, who remanded him in custody until Monday for a bail hearing.
According to the State, Kanyekanye allegedly extorted funds from Pharmaceutical and Chemical Distributors (PCD) between April 14 and April 17 this year.
Prosecutors allege that Kanyekanye, acting with accomplices who are still at large, exerted pressure on the company by demanding money purportedly meant for national Independence Day celebrations held in Maphisa, Matabeleland South.
The court heard that Kanyekanye allegedly invoked the name of Emmerson Mnangagwa while making the demands and threatened unspecified consequences if the company failed to comply.
As a result, PCD allegedly transferred US$663,480 from a trust account into a Jemina Capital CBZ Bank account on April 17, 2026.
On the second count, prosecutors accuse Kanyekanye of fraud involving the Ministry of Finance, Economic Development and Investment Promotion.
The State alleges that between March and April 2026, Kanyekanye and his alleged accomplices forged payment instructions on a letter falsely presented as originating from PCD.
The letter allegedly requested the release of funds from Treasury Bills and falsely suggested the request had backing from the President's Office.
Believing the request to be genuine, the Ministry allegedly released US$1.8 million into PCD's account.
The court heard that PCD subsequently transferred US$884,641 into its lawyers' trust account.
Prosecutors allege Kanyekanye later produced the forged letter to both the complainant and the lawyers, claiming the money was urgently required for Independence Day celebrations and warning that failure to release the funds could result in the cancellation of future payments by the President's Office.
Acting on those representations, the lawyers allegedly transferred US$663,480 into the Jemina Capital CBZ account provided by Kanyekanye.
The State alleges the funds were never used for Independence Day celebrations but instead benefited Kanyekanye and his alleged accomplices.
On the third count, prosecutors accuse Kanyekanye of money laundering.
The State alleges that between March and April 17, 2026, he transferred the US$663,480 through various third-party accounts in an effort to conceal the source, ownership and nature of the funds allegedly obtained through fraud and extortion.
Investigations are continuing, while Kanyekanye's alleged accomplices remain at large.
Source - the herald
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