Source: GMB boss up for $1m fraud | Daily News

HARARE – Grain Marketing Board Pension Fund chief executive officer Taona Munzvandi is being charged with fraud after allegedly fleecing his employer of $1 million in a botched land sale deal.

Munzvandi, 48, appeared before Harare magistrate Rumbidzayi Mugwagwa yesterday.

He was released on $800 bail. As part of bail conditions, Munzvandi was ordered to continue residing at his present address, not to interfere with witnesses and report twice a week at Borrowdale Police Station.

He was represented by Obey Shava who notified the court that he would apply for refusal of further remand on August 17.

The complainant is Grain Marketing Board Pension Fund (GMB Pension Fund) located at Raymark Court at 64 George Silundika Avenue in Harare.

Sometime in the late 90s, the government embarked on the Land Reform Programme which involved compulsory acquisition of land for re-distribution.

In terms of the Land Acquisition Act Chapter 20:10 and through an extraordinary Government Gazette general notice 591 of 2001, a notice was given to acquire the 197, 37-hectare Romany Farm under deed of transfer number 5421.

Linda Gadzikwa alleged that on April 30, 2013, Munzvandi in connivance with Korbs Kobie Mutandiro, who is already on remand over the matter, hatched a plan to defraud the Fund.

The court heard that Munzvandi and Mutandiro entered into an agreement-of-sale of the said farm to Grain Marketing Board Pension Fund for $2,5 million knowing that the farm had been acquired by the State.

Acting on the misrepresentation, GMB Pension Fund transferred $1 040 000 into Organs Resources (Pvt) Ltd’s Standard Chartered Bank corporate account. Mutandiro is the director of Organs and signatory to the bank account.

As a result, GMB Pension Fund was prejudiced of $1 040 000 and nothing was recovered.