Prosper Dembedza
Herald correspondent
FAREVIC Systems director Shingai Faranisi, who had been convicted by a Harare magistrate of defrauding the company of $3,24 million, has been acquitted on appeal by the High Court.
Justices Philda Muzofa and Vongai Guwuriro upheld Faranisi’s appeal, ruling that the lower court had erred.
“The appeal is hereby allowed. The decision of the court a quo is set aside and substituted with the following: ‘not guilty and acquitted’,” the judges ruled, noting that full reasons for the judgment would follow.
Faranisi had been found guilty after a full trial presided over by Harare magistrate Ms Jacqueline Gara.
During the lower court trial, the State alleged that on September 29, 2022, Farevic Systems shareholders resolved that Ms Duduzile Mungure would become a joint signatory with Faranisi on all company bank accounts.
Under the signing mandate lodged with FBC Bank, every transaction required authorisation from both signatories.
Prosecutors alleged that on October 27, 2022, Faranisi visited FBC Bank’s Victoria Falls branch and transferred $3 240 000 from Farevic Systems account number 6127544780478 to Tambwari Logistics without Ms Mungure’s knowledge or consent, causing a prejudice of $3,24 million to the firm.
