Harare, Zimbabwe – Clive Majoni, the former Managing Director of Assa Abloy Chubb Locks Union, is set to appear in court again on May 12th, facing charges of defrauding his former employer of US$1,381,920. Majoni is currently out on bail after his initial appearance before Harare regional magistrate Mrs. Marehwanazvo Gofa.
The case revolves around the re-denomination of United States dollar (USD) balances to RTGS dollars in February 2019, following monetary policy reforms in Zimbabwe. To safeguard pre-February 2019 foreign obligations, the Reserve Bank of Zimbabwe (RBZ) introduced the Blocked Funds (Legacy Debt) Framework. Assa Abloy Chubb Locks Union Zimbabwe (Pvt) Ltd, identified foreign liabilities amounting to US$1,381,918.65 as qualifying under this framework.
In August 2019, Assa Abloy Chubb Locks Union Zimbabwe (Pvt) Ltd (AAZ), the successor entity, lodged a Legacy Debt Application with the RBZ through Stanbic Bank for validation and registration of these blocked funds. The RBZ approved the application on January 30, 2020, confirming US$4,381,918.65 as recognized blocked funds, giving AAZ a valid claim against the RBZ.
Clive Majoni, who was the Managing Director at the time, had his employment terminated on November 4, 2020, due to operational and cash flow challenges. His termination agreement included a clause offering him a US$20,000 incentive for facilitating the settlement of the Legacy Debt Application, as he was the contact person in the original application.
However, between 2020 and 2022, without authorization from the Assa Abloy Group, Majoni established a separate company named
Chubb Security (Private) Limited, deceptively similar to the former company. He also opened a bank account with the Commercial Bank of Zimbabwe (CBZ) in the name of this new company, without the knowledge or consent of the Assa Abloy Group.
On June 6, 2022, the Ministry of Finance and Economic Development mandated the RBZ to issue Treasury Bonds worth US$1,381,918.65 to Assa Abloy Zimbabwe (Pvt) Ltd. It is alleged that Majoni then authored a fraudulent letter on May 13, 2022, purporting to act on behalf of Assa Abloy Zimbabwe (Pvt) Ltd. This letter instructed the RBZ to transfer the Treasury Bills from Stanbic Bank to his personal company’s CBZ account, falsely claiming the Stanbic account was closed.
Acting on these fraudulent instructions, the RBZ issued three Treasury Bills with a combined value of US$1,381,918.85 to Chubb Security (Private) Limited. These were subsequently transferred to third parties, depriving Assa Abloy Zimbabwe (Pvt) Ltd of its rightful entitlement.
The fraud came to light in June 2025 when Assa Abloy South Africa (Pty) Ltd engaged Bahati Advisory Services (BAS) to assist with the recovery of the legacy debt claim. BAS discovered that the RBZ had already issued Treasury Bills to
Chubb Security (Pvt) Ltd in full settlement of the legacy debt. Following this discovery, Assa Abloy Zimbabwe (Pvt) Ltd lodged a criminal complaint with the Zimbabwe Anti-Corruption Commission (ZACC).
As a result of Majoni’s unlawful actions, Assa Abloy Zimbabwe (Pvt) Ltd suffered actual financial prejudice amounting to US$1,381,920.