Online Reporter
Prosper Dembedza
Executive chairperson of Alliance Holdings and former president of the Confederation of Zimbabwe Industries, Joseph Kanyekanye (58) appeared in court on Saturday, facing allegations of extortion, fraud and money laundering.
Harare regional magistrate Mr Musaiona Shortgame remanded Kanyekanye in custody until Monday for bail application.
On the first count of extortion, the complainant is Pharmaceutical and Chemical Distributors (PCD) Private Limited.
It is the State’s case that sometime from 14 April 2026 and 17 April 2026, the accused and his accomplices who are still at large, intentionally exerted illegitimate pressure on PCD by demanding payment of money which was not due to him.
Kanyekanye allegedly said that the money was for the national Independence Day celebrations in Maphisa, Matabeleland South.
It is alleged that Kanyekanye abused President Mnangagwa’s name whilst extorting the funds.
In addition, he allegedly threatened the complainant with unspecified consequences if the company refused to transfer the demanded money.
As a result of the pressure exerted by Kanyekanye on the complainant, PCD released USD$663 480, which was transferred from a trust account to a Jemina Capital CBZ account number 10825844540029 on April 17, 2026.
On the second count of fraud, PCD is again the complainant.
The court heard that between March 2026 and April 17, 2026, Kanyekanye, acting with still-unidentified accomplices, deliberately deceived the Ministry of Finance, Economic Development and Investment Promotion.
He allegedly forged payment instructions on a letter falsely claiming to be from the complainant, asking the Permanent Secretary to release funds from his Treasury Bills. Kanyekanye allegedly knew the contract with the complainant had ended and that neither the complainant nor the President’s office had authorised the letter.
The Ministry, believing the instructions came from the President’s office, paid US$ 1, 8 million into the complainant’s account. The complainant then transferred USD 884,641 to his lawyers’ trust account. To illegally obtain the funds, Kanyekanye allegedly showed the forged letter to both the lawyer and the complainant, falsely claiming the money was urgently needed for Independence Celebrations in Maphisa, or else the President would cancel the funds and future payments. Believing this, the lawyer’s trust account transferred USD 663,480 to a Jemina Capital CBZ account (number 10825844540029) provided by Kanyekanye on April 17, 2026. The money was never used for the stated purpose but benefited Kanyekanye and his accomplices, it is alleged.
On count three, money laundering, the State is the complainant. Between March and April 17, 2026, Kanyekanye, again acting with un-arrested accomplices, allegedly converted USD 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.
