Muderede, wife acquitted of fraud

Muderede (35) were facing two counts of fraud before regional magistrate Ms Memory Chigwaza.
In her ruling, Ms Chigwaza said the complainants in the two cases approached the courts with dirty hands.
She said on the first count involving Helce Enterprises Muderede and the first State witness Helen Matiashe were co-shareholders and directors.
Matiashe, the magistrate ruled, unilaterally and unlawfully removed Muderede from the board and appointed her brothers.
Ms Chigwaza said Muderede’s removal was supposedly done on the basis that he had been specified by the Ministry of Justice yet the assistant investigator testified that the businessman was authorised to continue as director in all the companies he was either director or shareholder.
She said Matiashe’s conduct of removing Muderede from the Helce Board was unlawful and so were the appointments of her brothers.
The couple was represented by Mr Msindo Hungwe of Chinyama and Partners while Mr Obi Mabahwana appeared for the State.
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 were alleged to have applied for the mortgage bond using fake documents.
According to the State, the bonds were registered on Helce Enterprise (Pvt) Ltd,        but the two were not directors of the company.
The State alleged that 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.
The court heard that in compliance with the Reserve Bank of Zimbabwe’s requirements, Muderede was removed from the CR14 of Helce Enterprises as a director after he was specified.
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 Helce Enterprise loan.
The State said she was surprised as she had not applied for any loan from Metropolitan Bank prompting her to make a report, which led to the Muderedes arrest.