Muderede has case to answer; rules magistrate

the ruling after Muderede (39) who is jointly charged with his wife, Michelle Fadzisai Muderede (35) for two counts of fraud applied for discharge claiming that they were innocent.
However, Ms Chigwaza ruled: “After perusing the defence’s application for discharge and the State’s response, the court has established that there is a prima facie case against the accused. The application for discharge is hereby dismissed.”
Ms Chigwaza said full reasons for the dismissal will be given in the final judgment.
Ms Chigwaza said the defence case will commence on March 8.
Charges against Muderede the owner of Shankuru Estate in Banket and his wife arose in November 2006 after  they  allegedly  misrepresented to Metropolitan Bank and registered six mortgage bonds totalling Z$732 650 000 000, an equivalent of US$227 000.
Muderere and his wife also face a second charge of applying for a mortgage bond using fake documents of Z$720 700 000 000 equivalent to US$223 000 at Metropolitan Bank. According to the State, the bonds were registered on Helce Enterprise (Pvt) Ltd, but the two were not directors of the company.
Muderede was once a director, but ceased being a director after he was declared a specified person by Government in June 2004 in terms of the Prevention of Corruption Act.
He was facing various charges of externalising foreign currency and other economic crimes.
The court heard that in compliance with the Reserve Bank of Zimbabwe’s requirements, Muderede was removed from the CR14 Helce Enterprises as a director after he was specified.
Prosecutor Mr Obi Mabahwana said Michelle has never been a director of Helce, which is short for Helen and Cecil.
He said Muderede was once customarily married to Helen Matiashe for 10 years and during the time the two formed Helce Enterprises in 1999 incorporated under the laws of Zimbabwe.
Mr Mabahwana alleged that sometime in June 2009, Ms Matiashe received a call from Shadreck Beni of Metropolitan Bank inquiring about Muderede’s whereabouts and was advised that it was in connection with the loan for Helce Enterprise.
She was surprised as she had not applied for any loan from Metropolitan bank.
Police investigations revealed that Muderede and his wife Michelle had masqueraded as directors of Helce Enterprises and borrowed money from Metropolitan Bank.
They were subsequently arrested.