Supervisor swindles firm of US$256 000

Fungai Lupande Court Reporter
Minerva Risk Advisors, a short term insurance firm, lost US$256 897 to its finance supervisor after he awarded tenders to his various companies at inflated prices. Magaso Masiiwa (38) appeared before Harare magistrate Mr Donald Ndirowei facing fraud charges and was remanded to January 7 on US$100 bail.

Part of his bail conditions included reporting every on Monday and Friday at CID frauds and to surrender his passport.
Minerva Risk Advisors is being represented by its human resources manager Mr Goodwin Mudiwa.

Prosecutor Ms Sharon Mashavira alleged that Masiiwa’s duties included production of financial statements and managing company investments.

She said that sometime in 2010, Masiiwa connived with his two accomplices who were his workmates and are still at large to swindle their employer.

Ms Mashavira alleged that the trio, who were in the finance department, formed various companies which they used to supply goods and services needed by Minerva Risk Advisors.

The court heard that procedurally Masiiwa was supposed to get quotations from different suppliers and compare prices.
Instead, he would forge quotations from reputable suppliers and write inflated prices to justify choosing his companies as appropriate suppliers, it is alleged.