ZINARA Executives In $500,000 Fraud Investigation

4 years ago
Sat, 09 Mar 2019 04:54:44 GMT
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ZINARA Executives In $500,000 Fraud Investigation

Zinara officials, Simon Taranhike and Precious Murove are the subjects of a CID investigation following possible fraud involving the opening of a Foreign Currency Account with CBZ to which they were the only signatories.

The matter came to light after Taranhike reportedly demanded that an ICT service provider first pay off his outstanding mortgage as a way of bribing him for Zinara to make a $500,000 payment. The company refused and switched ZINARA’s systems off. When the CEO tried to make the payment herself, she discovered she was not a signatory to the ZINARA bank account.

A source told Zimbabwe Independent:

This happened late last month. Taranhike and Murove are the only signatories to the CBZ foreign currency account. The CEO is not a signatory to that account. So Zinara was supposed to pay the service provider US$500 000 for services but Taranhike asked the company to pay off his mortgage before he could release the money which the parastatal owed. The company’s management refused to do so and went on to switch Zinara off its systems because of that stalemate.

So when the CEO enquired with the bank, that’s when she was told she is not a signatory to the account. She then confronted Taranhike and demanded to be a signatory to the CBZ account. Taranhike and Murove, then acted swiftly and moved some of the money from the CBZ account to an NMB bank foreign currency account which again the CEO is not a signatory to. The movement of the money took place just about the same time when the Zinara IT system was down

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Taranhike confirmed moving the money and that the Acting CEO but said that there was nothing unusual about the situation.

The two were also the subject of another corruption investigation last year involving several dealings over a long period, considered to have been questionable.

More: Zimbabwe Independent



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