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Daniel Nemukuyu Senior Court Reporter
Three Navistar Insurance Brokers Limited directors, who were implicated in the Air Zimbabwe (Private) Limited multi-million dollar aircraft insurance scandal, were on Friday granted bail by the High Court.
Justice Joseph Musakwa ordered the release of managing directors Givemore Nderere (45) and Vukile Hlupo on US$5 000 bail each, while the company’s finance director Orten Mawire was granted US$1 000 bail.

Nderere and Hlupo were ordered to report daily at Criminal Investigation Department’s Serious Fraud squad, while Mawire will report thrice a week.

The trio was warned not to interfere with investigations and State witnesses.
They were ordered to surrender their travel documents and title deeds to their respective properties as surety.

Harare lawyer Mr George Mhlanga represented the trio, while Mr Innocent Muchini of the National Prosecuting Authority acted for the State.
The three are facing four counts of fraud and one of theft.

State claims the trio connived with Air Zimbabwe bosses Peter Chikumba and Grace Pfumbidzayi to defraud the national airline by inflating aviation insurance premiums.

It is alleged that the group presented several inflated debit notes to the airline, leading to payments of exorbitant aviation insurance premiums last year.

The payments were allegedly made to Colemont Reinsurance (Private) Limited and Marsh Reinsurance Brokers (Private) Limited, both United kingdom-based companies.

Prosecutor Michael Reza told the court that as a result of the misrepresentation, the airline’s finance department released Euro 15 783 452,93 to Navistar.

According to state papers, Navistar only remitted Euro 10 607 859, 22 to the two international brokers and pocketed Euro 5 895 695, 49.
In May 2009, it is alleged Navistar received US$142 300 from the airline for onward transmission to the European Commission to dodge sanctions.

They allegedly converted the money to their own use.
The court heard that Pfumbidzayi and then Air Zimbabwe acting chief executive Innocent Mavhunga originated fictitious debit notes in the sum of US$1 659 276, 58 in 2012.

The money was reportedly requested for the aviation insurance premiums for two leased A320 Airbus.
The transaction was reportedly intercepted by auditors, but the airline had already released US$360 448, 68, the court heard.

It is further alleged that Colemont Insurance issued debit notes to Air Zimbabwe for aviation insurance premiums between 2009 and 2010, after the Navistar trio allegedly connived with Pfumbidzayi and Mavhunga for the payment of aviation insurance in the sum of Euro 713 921, 04.