Suspect security guard in US$4m Ecobank heist acquitted

A security guard who was implicated as part of an armed robbery gang that is still on the run after stealing US$4,448,500 from Ecobank has been acquitted of money-laundering charges.

Mr Sibonginkosi Sibanda (48), of Cowdray Park suburb in Bulawayo, had been appearing for trial before Bulawayo magistrate Ms Patience Madondo. It was alleged that he received US$100,000 as his share of the proceeds of the robbery.

During cross-examination, the accused’s lawyer, Mr Prince Butshe of Butshe and Associates, questioned the investigating officer, Mr Towoneso Jele.

Mr Butshe asked: “Why did you arrest Mr Sibanda?”

Mr Jele responded: “We acted on information we had received from our informants (intelligence).”
Mr Butshe then asked: “Do you appreciate the difference between intelligence and evidence?”
Mr Jele replied: “Yes.”

Mr Butshe continued: “Do you agree that for trial purposes, what is required in court is evidence, not intelligence or unverified information?”

Mr Jele answered: “Yes.”

At the conclusion of the trial, Ms Madondo said the State, represented by Ms Concilia Ncube, had failed to prove its case beyond a reasonable doubt.

“The State failed to disprove the accused’s defence that he had been employed as a police officer since 1996 and was deployed to Liberia between 2005 and 2006.

“When he returned, he brought back substantial savings. Thereafter, he bought his first house and a car. In 2012, after retiring from the Zimbabwe Republic Police, he received his pension, saved more money and acquired additional properties.

“In 2023, the accused bought a house for his daughter in Cowdray Park suburb. The State failed to demonstrate how the acquisition of this house was linked to the robbery, as the house was purchased before the robbery occurred. Furthermore, there was no proof regarding who bought the house in Mbundane suburb or whether it was registered in the name of the accused’s wife.

“The accused is therefore acquitted and discharged,” said the magistrate.

Prosecutor Ms Ncube had argued that Sibanda was part of the armed robbery gang that targeted Ecobank in Bulawayo’s city centre and that he received US$100,000 from accomplices who remain at large.

“During the course of investigations, it was established that Mr Sibanda, in an effort to conceal the offence, purchased a house in Mbundane suburb for US$16,000 and registered it in the name of his daughter. He also purchased a truck for US$12,700 and registered it in his wife’s name.
“He further purchased a house in Cowdray Park suburb, installed a fence and drilled a borehole at his rural home at a combined cost of US$69 00. He also registered a company in the names of his wife and daughter,” said Ms Ncube.