Bank directors facing charges (26-01-07)

Shava and Mr Joseph Dangarembizi, said the bankers had no case to
answer after ruling that the State had failed to prove a prima facie case
against them.

“The accused cannot be brought to their defence. Accused are,
therefore, not found guilty and are acquitted,” said Justice Chitakunye.
Mzwimbi and Simba were alleged to have contravened the Prevention of
Corruption Act when they failed to declare the nature of their
transactions.
Mzwimbi was a director of Gemtre Investments while Simba was a director
of Covenant Investments.
On the fraud charge, the State had alleged that in 2004, the pair
misrepresented to Royal Bank that $8,6 million was owed to Finsreal
Asset Management.
They allegedly induced Royal Bank to transfer the money into Finsreal’s
Treasury account without the knowledge of the firm.
After the funds were deposited, they allegedly gave further
instructions that the money be transferred again to another Finsreal Asset
Management account.