News:CEO Uses Prof Moyo's Name To Defraud Parastatal. Remanded To 4 October On $300 Bail
<vote /> Zimbabwe Manpower Development Fund (Zimdef) chief executive officer Fredrick Mandizvidza allegedly used the name of Higher and Tertiary Education Minister Professor Jonathan Moyo to defraud the parastatal of about $96 000.
Mandizvidza yesterday appeared before Harare magistrate Bianca Makwande facing criminal abuse of office charges. He was remanded to October 4 on $300 bail.
It is alleged that on November 11 last year, Mandizvidza connived with a ministry official who is still at large, and allegedly created a fake document purporting that the trustee of the fund, Prof Moyo, had authorised and approved the purchase of 10 heavy-duty printers worth $95 800.
It is further alleged Mandizvidza released the money to Wisebone Trading, a company that deals with Agro-Chemical and Engineering’s CABS account number. Mandizvidza knew that the company was not into information technologies.
The court also heard that while Zimdef has no provisions for personal loans, Mandizvidza and his accomplice processed a loan of $24 000 on October 19 last year. Zimdef lost $119 800 and nothing was recovered.
Read More: The Herald
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