adminAccording to the prosecution, charges against Sedze arose when Kingstons Holdings owed the National Social Security Authority a total of US$43 552,54 for non-payment of statutory obligations. NSSA obtained a High Court judgment against Kingstons to attach its property.
Sedze allegedly misrepresented to Kingstons Holdings that he had secured a financier to rescue them.
He misrepresented that Rachet Investments was willing to lend US$31 000 to service the NSSA debt.
Afterwards Sedze allegedly claimed US$25 362 from Kingdom Holdings saying the money would cover legal fees and interest charged on the loan advanced by the purported financiers.
He allegedly converted the money to his own use. In his defence outline Sedze claimed that the charges against him were brought about so as to frustrate him in claiming his salary arrears and benefits that are outstanding from Kingstons Limited.
He said Kingstons owed him around US$358 000.
The terms of the loan agreement between Kingstons and RIV, argued Sedze, were negotiated by the board chairperson, Dr Millicent Mombeshora, and Mr John Harrison, who represented RIV.
He further stated that the loan agreement was signed by Dr Mombeshora, board secretary, Mr Nyaruviro Nyaruviro and himself.
He further alleged that some of the money he was accused to have stolen was paid to people and companies which Kingstons owed. He said part of the money was used to purchase a Samsung Galaxy phone for Dr Mombeshora.
Prosecutor Mr Michael Reza led evidence from the Group Company Secretary, Ms Kiitumetsi Zawanda, who told the court that Sedze was a co-director of RIV Investments.
She said Sedze did not disclose his interests to the board.
“Accused never disclosed his interests to the board of directors that he had some interests in the loan matter between RIV and Kingstons,” she said.
“The board approved the transactions since the company was in a fix and they believed that the CEO was performing his duties in good faith.”
She added that when she joined the company in 2012 she discovered that the National Social Security Authority (NSSA) had obtained a judgment against Kingstons to the tune of US$43 552 for non-payment of statutory obligations.
She added that Kingstons had obtained a loan of US$31 000 from RIV Investments which was to pay NSSA directly.
“I then approached the accused requesting for the RIV application and loan agreement documents and he vehemently refused . . . he also ordered me to give our lawyers instructions to negotiate a payment plan with RIV investments and I complied,” said Ms Zawanda.
“Our group finance director Mr Question Maisera discovered that NSSA debt had not been paid yet the accused had produced eight Real Time Gross Settlement (RTGS) forms purportedly from Kingdom Bank and ZABG on the pretext RIV had paid the NSSA debt.”
Ms Zawanda further stated that the two banks confirmed that the RTGS forms were fake. Under cross-examination by Mr Machokoto, Ms Zawanda said she could not comment on the originality of the forms saying she was not an expert in “forgery’’.
The prosecution made an application to call Dr Mombeshora to come and testify following Sedze’s allegations that she was the one who negotiated for the loan.
Magistrate Mr Rogers Kachambwa deferred the matter to April 3 for continuation of trial.
Online Reporter