adminwho are still at large, and hatched a plan to defraud his employer.
They allegedly transferred shares belonging to First Transfer Secretaries’ clients into their bank accounts before selling them and pocketing the money.
It is alleged Hwenhira used part of the proceeds to import a Toyota Chaser from South Africa, which is being held as an exhibit.
Hwenhira yesterday appeared before magistrate Mr Donald Ndirowei who remanded him to July 28 on US$200 bail.
As part of his bail conditions Hwenhira was ordered to surrender his passport and not to interfere with witnesses. Prosecutor Mr Tungamirai Chakurira alleges that on April 15 and 25, Hwenhira allegedly originated fictitious documents to purport that 20 000 Econet shares belonging to Rockmount Trading (Pvt) Ltd had been transferred into Nyakudya’s name by Rockmount. It is the State’s case that due to this misrepresentation First Transfer Secretaries (FTS) carried out the due process which resulted in Econet Wireless Zimbabwe issuing out share certificate numbers 6067256 and 6067863 in favour of Nyakudya.
Nyakudya allegedly used the certificates to sell 12 375 of the said 20 000 shares to Old Mutual Securities and the remaining 7 625 shares to Purpose Asset Management prejudicing his employer of US$12 013.
On May 16 they used the same method and caused the fraudulent transfer of 322 290 Econet shares belonging to Carelse Juul Trevor into Sithole’s name.
The offence came to light on June 27 after the ZSE requested documents relating to the transfer of Trevor’s shares and First Transfer Secretaries failed to locate the documents resulting in them making a report to the police.
Investigations led to the arrest of Hwenhira.
Online Reporter