Fungai Lupande Court Reporter
First Mutual Life Assurance official yesterday said Lasch Investments was evasive with the payment schedule of farmers who had paid their insurance premiums.

Testifying in court First Mutual individual life and funeral business executive, Ms Colleta Simbanegavi, said Lasch Investments remitted $8 000 into their Standard Chartered Bank account.

“The money was deposited on October 7 last year, but the payment didn’t have the accompanying payment schedule,” said Ms Simbanegavi. The payment schedule was necessary for us to allocate the money to the individuals. We didn’t know which ones amongst the 98 farmers had paid which premium for what scheme.

“We called them, wrote letters and e-mails. We even sent people to collect the payment schedule, but to no avail.”

She added that the policies were not effected with the $8 000 still held in their bank account. Ms Simbanegavi said First Mutual entered into partnership with Lasch Investments after they were advised that Lasch had secured funding and a guarantee by Treasury.

“We received 98 applications from farmers for our schemes and a list of 104 from Larch finance manager.

“The premiums for low income earners were pegged at $0,80 per every $500 cover and we never received applications for the 104 farmers.”

Lasch Enterprises (Pvt) Ltd, Zanu-PF director for youth affairs and indigenisation Cde Tapiwa Zengeya (48), Lasch Investment managing director Mr Evans Zininga(34) and officers Nelson Mahupete (44), Patience Chipere (38), Christopher Tegwe (46), Fungai Mudondo (38), Shiella Taderera (40), Stephen Mapfumo (43), Charles Mashumba (46) and Lovemore Machanzi (60) are facing fraud charges.

They pleaded not guilty. They\ are represented Mr Mugove Mazani.

Allegations are that in July last year, Lasch officials formed a joint venture with the Zanu-PF Youth League for the supply of agricultural inputs.

Farmers paid $36 as joining fee, $29,60 per hectare as insurance fee and $5 Arex fee, which was payable direct to Arex offices.

It is alleged that $1 010 996,10 was deposited into Lasch’s bank account, but only $587,44 reflected in the account as of December 16.

120 farmers lost $27 497, 07 and nothing was recovered.