Online Reporter
Yeukai Karengezeka
Court Correspondent
A MAN employed as a fund manager at a Harare-based company appeared in court yesterday facing allegations of fraud involving US$57 000 and ZW$190 million.
Challenge Dondo (39) was charged with fraud when he appeared before Harare regional magistrate Mrs Marehwanazvo Gofa.
He was granted US$300 bail and is expected to return to court on October 7 as investigations are ongoing.
According to the prosecution, led by Mr Rufaro Chonzi, Dondo was employed as a fund manager by Cornerstone Asset Management, represented in court by its director, Mr Tafadzwa Herbert Tumbare.
The company manages funds on behalf of clients and operates a Nominees Account with CABS under the name Celestial Nominees.
Between April 2023 and December 2023, Dondo allegedly processed fraudulent loan applications on behalf of two companies, Swiss Worx (Pvt) Ltd and Kelsey Milli (Pvt) Ltd.
It is alleged that Dondo forged board resolutions and signatures of the company chairman Mr Sagie Naidoo and director Mr Bruce Zungu, both based in South Africa to secure approvals from CABS, the custodian of the Celestial Nominees account.
The court heard that Dondo reportedly used the title deeds for his father, Mr Oliver Dondo’s property, house number 15351, 84 Close, Sunningdale 2, Harare as collateral to facilitate a loan for Kelsey Milli (Pvt) Ltd.
Acting on Dondo’s alleged misrepresentations, Cornerstone Asset Management transferred US$57 000 to Swiss Worx (Pvt) Ltd and ZW$190 000 000 to Kelsey Milli (Pvt) Ltd.
Only the ZW$190 000 000 was later recovered, while the US$57 000 remains unaccounted for.
