Finance manager charged with $53m fraud
Senior Court Reporter
FORMER finance manager at stockbroking firm Morgan & Co, appeared in court yesterday on allegations of duping his employer of more than $53 million which was supposed to be remitted to various Government departments before he resigned in January this year.
Kudakwashe Saimon Vukomba is alleged to have deposited some the money into his personal and friends’ bank accounts.
Vukomba was not asked to plead to the charges when he appeared before Harare magistrate Mr Dennis Mangosi charged with fraud.
He was granted $500 000 bail.
Vukomba allegedly transferred the money, which was supposed to be deposited into Securities and Exchange Commission of Zimbabwe, ZIMRA, ZIMDEF and NSSA.
Morgan & Co is being represented by David Muchengi, its managing director.
According to the State, Vukomba’s duties included compiling, effecting statutory payments, reconciling and supervise junior clerks.
It is alleged that sometime in February this year, Morgan & Co received an email from Securities and Exchange Commission of Zimbabwe saying that they were in arrears.
This prompted Morgan &Co to send some proof of payments to the Security and Exchange Commission of Zimbabwe showing that they were paying and could not be in arrears. The Securities and Exchange Commission then disowned the said proof of payments saying the ZB Bank account number on the proof of payments did not belong to them.
Morgan & Co undertook internal investigations and discovered that ZB account numbers of all proof of payments did not belong to the Securities and Exchange Commission of Zimbabwe and instead belonged to Vukomba, his friends Theophilus Mapfurira, Rutendo Choruwa and Prince Mupangavanhu.
Initial investigations established that between February 28 and November 23, 2022 Vukomba raised requisition invoices purporting as if he wanted to make payments to ZIMRA, NSSA, ZIMDEF and Security Exchange Commission.
The State alleges that Vukomba would take the requisition invoices to the authorised signatories where they would be duly signed.
After being signed, Vukomba would then transfer money signed for to individual bank accounts belonging to his friends and his personal account.
Vukomba allegedly transferred $13 080 430,93 into his personal ZB account, $10 641 858,83 to Prince Mupangavanhu ZB account, $26 059 918,41 to Rutendo Choruwa ZB account and $1 889 979,86 to Theophilus Mapfurira ZB account.
Through his actions, Vukomba allegedly defrauded his former employer of $53 129 574,70.