News / National
Zanu-PF's Matutu in suspected US$150,000 fraud
11 Dec 2024 at 14:10hrs | Views
Former Zanu-PF youth leader Lewis Matutu appeared before Harare Magistrate Isheanesu Matova on Tuesday, accused of stealing shares from a local mining company, Shusib Investments. Matutu was remanded out of custody on free bail.
Prosecutor Takudzwa Jambawu outlined the State's case, alleging that Matutu conspired with four accomplices - Blessing, Tafadzwa Kusangaya, Muzimba, and Chikwasha Muhamba - as well as others still at large, to misappropriate shares from the company headed by Avurath Sibanda.
The alleged fraudulent activities began in 2018 when the accused reportedly prepared backdated annual returns dated April 30, 2018. These returns were falsified to reflect previous years - 2014, 2016, 2017, and 2018 - and included forged signatures of Sibanda and Lyton Shumba, falsely indicating their consent as director and secretary, respectively.
The fraudulent documents were filed with the Registrar of Companies, presenting false information about changes in Shusib Investments' shareholding and directorship. This, according to the prosecution, allowed the accused to unlawfully allocate shares to themselves and gain majority control.
The alleged fraud came to light on September 30, 2024, when Sibanda was informed by the Department of Parks and Wildlife that the accused had ordered a suspension of all mining operations, claiming authority to sell the mining claim.
This notification led to a request for a meeting with a representative of Shusib Investments, during which the alleged irregularities were revealed.
The State further alleges that, using the fraudulently acquired shares, the accused participated in an annual general meeting on November 19, 2024. During this meeting, they allegedly removed Sibanda from his position as director and resolved to change the company's address.
As a result, Sibanda reportedly suffered a financial loss of US$150,000. The State claims no recovery of the stolen assets has been made.
Matutu's arraignment marks the latest in a series of legal troubles for former members of Zanu-PF's Youth League. While Matutu and his alleged accomplices face serious charges, the court has yet to determine their guilt.
The case has been adjourned pending further investigations, with legal analysts noting that the matter raises significant concerns about corporate governance and the integrity of business practices in Zimbabwe.
Prosecutor Takudzwa Jambawu outlined the State's case, alleging that Matutu conspired with four accomplices - Blessing, Tafadzwa Kusangaya, Muzimba, and Chikwasha Muhamba - as well as others still at large, to misappropriate shares from the company headed by Avurath Sibanda.
The alleged fraudulent activities began in 2018 when the accused reportedly prepared backdated annual returns dated April 30, 2018. These returns were falsified to reflect previous years - 2014, 2016, 2017, and 2018 - and included forged signatures of Sibanda and Lyton Shumba, falsely indicating their consent as director and secretary, respectively.
The fraudulent documents were filed with the Registrar of Companies, presenting false information about changes in Shusib Investments' shareholding and directorship. This, according to the prosecution, allowed the accused to unlawfully allocate shares to themselves and gain majority control.
The alleged fraud came to light on September 30, 2024, when Sibanda was informed by the Department of Parks and Wildlife that the accused had ordered a suspension of all mining operations, claiming authority to sell the mining claim.
This notification led to a request for a meeting with a representative of Shusib Investments, during which the alleged irregularities were revealed.
The State further alleges that, using the fraudulently acquired shares, the accused participated in an annual general meeting on November 19, 2024. During this meeting, they allegedly removed Sibanda from his position as director and resolved to change the company's address.
As a result, Sibanda reportedly suffered a financial loss of US$150,000. The State claims no recovery of the stolen assets has been made.
Matutu's arraignment marks the latest in a series of legal troubles for former members of Zanu-PF's Youth League. While Matutu and his alleged accomplices face serious charges, the court has yet to determine their guilt.
The case has been adjourned pending further investigations, with legal analysts noting that the matter raises significant concerns about corporate governance and the integrity of business practices in Zimbabwe.
Source - newzimbabwe
