Connect with us

Hi, what are you looking for?


RBZ Launches Inquiry On Kreamorn Investments Following Allegations of Auction Misconduct and Fraud

RBZ Launches Inquiry On Kreamorn Investments Following Allegations of Auction Misconduct and Fraud

The Reserve Bank of Zimbabwe has launched an inquiry into Kreamorn Investments (Private) Limited, following gross allegations of misconduct.

The investigation was prompted by a complaint from Mr. Tendai Mashamhanda.

In a letter dated 7 December 2023, the Reserve Bank raised concerns over a payment of US$270,000 made by Kreamorn Investments to the High Court Sheriff bank account on 24 October 2018 for and on behalf of Kingstone Hamutendi Munyawarara and Bariadie Investments Private Limited.

The complaint alleges serious violations, accusing Kreamorn Investments of contravening sections 30(2) and 23(1)(c) of the legal framework governing the sale of immovable property through public auction. Additionally, there are claims that the company engaged in fraudulent transactions, producing falsified bank statements and deposit slips for non-existent deposits, in disregard of section 19 of the Microfinance Act.

ALSO READ: Would You Stay After Watching You Girl Doing Mjolo With Another Man? Kikie Videos Sparks Debate!

Advertisement. Scroll to continue reading.

The Managing Director of Kreamorn Investments, as addressed in the letter, has been given a seven-day ultimatum to respond to these allegations. The letter emphasizes the need for the company to provide documentary evidence to support its position.

Commenting on the unfolding investigation, Mr. Mashamhanda expressed his concerns, stating, “The allegations against Kreamorn Investments raise serious questions about the integrity of the auction process and the adherence to established financial regulations. The public deserves transparency and accountability in such matters.”

For feedback and comments, please contact ZiMetro News on WhatsApp: +27 82 836 5828.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Catch More Updates Below


Harare, Zimbabwe – A former Zimbabwe Revenue Authority official ‘Tambudzai Yvonne Musoni’, currently a fugitive, is unable to sell or transfer her family home...


Harare, Zimbabwe | Moses Mpofu is now facing fresh accusations of financial misconduct, adding to a series of controversies surrounding his business dealings. Ngadziore...


The National Social Security Authority (Nssa) director, David Makwara suspended over US$182 661 fraud has been acquitted by a Harare magistrate. The magistrate ruled...


A Harare businessman has been fined US$300 after being convicted of US$460 000 fraud. Luka Ignatius Fabris defrauded Mrs Leigh Ann Patricia Rudland in...


Businesses are considering taking legal action against the Reserve Bank of Zimbabwe (RBZ) over its decision to withhold payment for outstanding foreign currency auction...


 Fraud Syndicate Sentenced to Jail for R100 Million Scam Eight individuals, comprising a sophisticated syndicate, were handed jail time for defrauding the South African...


The director of Maleads Incorporated PVT LTD last week appeared in court on allegations of defrauding an suspecting complainant of his US$35 000 in...


The Reserve Bank of Zimbabwe (RBZ) has made a strategic move to bolster the stability of the Zimbabwean Dollar (ZiG) by adjusting the foreign...