2 men dupe fellow director of R1,5m

TWO Harare men have been arrested over allegations of fraudulently removing a fellow director from a company they formed together, thereby, prejudicing him of R1,5 million.

BY DESMOND CHINGARANDE

David Ndangariro Zanamwe (54) and Michael Masuku (64) were not asked to plead when they appeared before magistrate, Josephine Sande yesterday, who remanded them to November 1 on $100 bail each.

The complainant in the matter is Kenneth Fararira (50).

It is the State’s case that sometime in July 2016, Fararira went to South Africa and entered into a partnership with a South African company called United Africa Tobacco Manufacturer. This was after several failed attempts to involve Zanamwe and Masuku in the deal, in which the company had been given the right to manufacture and market cigarettes under the Shasha brand in South Africa.

According to court papers Masuku, Zanamwe and Fararira were the directors of Beumish Investments (Pvt) Ltd, a Zimbabwean company, which is the proprietor of the Shasha trademark registered in South Africa.

The State alleges Zanamwe and Masuku had granted permission to another South African company, Carnilinx Tobacco Limited, to also manufacturer and market the same cigarettes under the Shasha brand without Fararira’s knowledge.

It is further alleged Fararira was then invited by South African police to give a statement in May this year following a complaint involving him, Carnilinx and United Africa Tobacco Company. This was when Fararira discovered that he had been fraudulently removed from the directorship of Beumish Investment (Pvt) Ltd at the Registrar of Companies in Zimbabwe by Zanamwe and Masuku.

According to the court papers, the duo had backdated Fararira’s removal to January 1, 2006 without his knowledge.

The State alleges since 2012 the duo received royalties from Carnilinx Tobacco amounting to R4,5 million which they shared, resulting in Fararira suffering a R1,5million prejudice.

Sebastian Mutizirwa appeared for the State.

2 men dupe fellow director of R1,5m : NewsDay Zimbabwe.