Timba in court for externalising US$2m

subsidiary in Uganda.
Timba (45) is also facing another US$1 million fraud charge after he allegedly used AFRE shares to borrow a personal loan, which he failed to repay.
Timba, who was represented by Mr Alex Mambosasa, was not formally charged when he appeared before Harare magistrate Ms Anita Tshuma facing 18 counts of fraud.
Ms Tshuma remanded him out of custody to March 1 on US$500 bail. He was also ordered to surrender his passport and to report every Fridays at CID Serious Frauds.
Renaissance is a registered company in Zimbabwe and has got subsidiaries including Renaissance Merchant Bank and Renaissance Capital Limited based in Uganda.
Prosecutor Mr Tapiwa Kasema alleges that between 2005 and January 27 last year Timba, Dunmore Kundishora and group accountant Tatenda Madzingo in the exercise of their powers or in the performance of duties unlawfully authorised payments amounting to US$2 432 705 from Renaissance Financial Holdings accounts held by Renaissance Merchant Bank to renaissance Capital Limited in Uganda without the authority from exchange control authorities in Zimbabwe.
The three, it is alleged, would either transfer the money directly to Renaissance Capital in Uganda or through their personal accounts to disguise the true source of the funds.
The State says by so doing they abused RMB depositors’ funds since their two company accounts were not funded. It is further alleged that a transaction involving US$400 000 done in 2008 was made to Liquid Telecommunication Private Ltd in Mauritius without authority from the exchange control authorities.
The offence was allegedly committed on October 11 last year, according to a forensic audit by BCA Forensic Audit Services.
This was on instructions of the Reserve Bank of Zimbabwe. The total value externalised was US$2 432 705.
Timba is also accused of using Afre shares worth US$41 034 681 49 to borrow a loan from TN Capital which he failed to repay.