Harare regional magistrate Mr. Stanford Mambanje is set to announce his sentencing in a fraud case involving US$1.5 million on October 31.
The case centers on Martin Murimirambeva, who is accused of illegally selling property belonging to businessmen Nyasha Watyoka and Gilbert Muponda, valued at US$1.5 million. Watyoka and Muponda are directors and shareholders of Theright Investments (Pvt) Ltd.
According to the State, Watyoka and Muponda acquired Theright Investments in 2003, which owned a property located at 9064 Belgravia, Harare. They became the company’s shareholders and directors.
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The prosecution alleges that on December 10, 2020, Murimirambeva, along with an accomplice named Leno Be Villiers who remains at large fraudulently registered themselves as directors of Theright Investments by falsely claiming that Watyoka and Muponda had resigned.
The accused then sold the company’s property in Belgravia to Kunzekwayedza (Pvt) Ltd for only $6,625,000, significantly below its market value.
Watyoka and Muponda later discovered the fraud and reported it to the Chief Registrar of Deeds and Companies, prompting an internal investigation. They subsequently reported the case to the police, leading to Murimirambeva’s arrest. The total potential loss from this case is estimated at US$1.5 million.