adminlast week on fresh charges of fraud involving close to US$500 000.
Muderede (39), who was convicted in June 2005 of breaching the Exchange Control Act after selling shares worth US$50 000 to Telecel Zimbabwe, is jointly charged with his wife Michelle Fadzisai Muderede (35) for two counts of fraud.
On the first charge, Muderede the owner of Shankuru Estate in Banket and his wife 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 are also accused 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 Muderere’s wife Michelle has never been a director of Helce, which is short for Helen and Cecil.
Muderede and his wife pleaded not guilty when they appeared before regional magistrate Memory Chigwaza before the trial was postponed to November 21.
Mr Mabahwama said the charges arose in November 2006 after Muderede and his wife masqueraded as directors of Helce Enterprise (Pvt) Ltd and approached Metropolitan Bank to register mortgage bonds.
He said Muderede was once customarily married to Matiashe for 10 years and during the time the two formed Helce Enterprises in 1999 incorporated under the laws of Zimbabwe.
Mr Mabahwana said sometime in June 2009, Mrs Matiashe received a call from Shadreck Beni from 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 the bank.
Police investigations revealed that Muderede and his wife Michelle had masqueraded as directors of Helce Enterprises and borrowed money from Metropolitan bank.
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