Online Reporter
H-Metro Reporters
THE Executive chairperson of Alliance Holdings Joseph Kanyekanye, who is a former Confederation of Zimbabwe Industries president, was back in court yesterday facing allegations of extortion, fraud and money laundering.
Kanyekanye, 58, initially appeared in court on Saturday and he was remanded him in custody until yesterday for bail application.
He applied for bail yesterday and the ruling is expected to be handed down today.
He is being accused of duping a pharmaceutical company director of over US$663,000 under the guise that the money was needed for Independence Day celebrations in Maphisa.
On the first count of extortion, the complainant is Pharmaceutical and Chemical Distributors (PCD) (Pvt) Ltd.
The State alleges that in April this year, Kanyekanye and his accomplices, who are still at large, pressured PCD director, Shar Prashanta, into releasing funds.
He claimed the funds were meant for the Independence Day celebrations.
The court heard that Kanyekanye allegedly threatened Prashanta with unspecified consequences if he failed to release the money, including possible prejudice to his business interests.
According to the State, Prashanta eventually transferred US$663,480,75 from a trust account into a CBZ account, which prosecutors say was supplied by Kanyekanye.
The money was transferred to a Jemina Capital CBZ account number 10825844540029 on April 17.
On the second count of fraud, PCD is again the complainant.
The court heard that between March and April this year, Kanyekanye, acting with his accomplices, deliberately deceived the Ministry of Finance, Economic Development and Investment Promotion.
He allegedly forged payment instructions on a letter falsely claiming to be from Prashanta, asking the Permanent Secretary to release funds from his Treasury Bills.
Kanyekanye did not have the authority to generate the letter.
The Ministry, believing the instructions were genuine, paid US$ 1,8 million into Prashanta’s account.
Prashanta then transferred US$884,641 to his lawyers’ trust account.
To illegally obtain the funds, Kanyekanye allegedly showed the forged letter to both the lawyer and Prashanta, falsely claiming the money was urgently needed for Independence Day Celebrations in Maphisa.
Believing this, the lawyer’s trust account transferred US$663,480 to a Jemina Capital CBZ account (number 10825844540029) provided by Kanyekanye on Independence Eve.
The money was never used for the stated purpose but benefited Kanyekanye and his accomplices, it is alleged.
On the money laundering count, the State is the complainant.
It claims that between March and April this year, Kanyekanye, again acting with his accomplices, allegedly converted US$663,480 – proceeds from the earlier fraud and extortion – by transferring it to various third-party accounts to hide its illegal origin, nature and ownership.
Nothing was recovered.
