Jeffm Auctions Founder Accused of Stealing US$133k...

Jeffm Auctions Founder Accused of Stealing US$133k from NetOne

Munyaradzi Mashiri

Zim Now Court Correspondent

The founder and managing director of Jeffm Auctions Private Limited, Jeffrey Mubaiwa, has been arraigned in court on allegations of stealing US$133,204.

Mubaiwa, 47, of Arlington Estate, appeared at the Harare Magistrates' Court alongside his company, facing charges of theft of trust property. He was ordered to return to court on December 16.

The State alleges that in September 2022, NetOne Private Limited advertised a request for quotations from bidders registered with the Procurement Regulatory Authority of Zimbabwe (PRAZ) to dispose of its obsolete equipment, furniture, and vehicles.

In January, Mubaiwa's company was awarded the contract to carry out the disposal under the Public Asset Disposal Act. The items for the auction were entrusted to Jeffm Auctions to sell and remit the proceeds to NetOne.

According to the terms of the contract, the auctioneer was required to remit the funds to NetOne within 48 hours of the auction's conclusion.

The court heard that on July 13, the auction took place, with bidding conducted in United States dollars, as per NetOne's instructions. The various departments at NetOne recorded the proceedings.

The total proceeds from the sale amounted to US$172,204: US$113,450 from the sale of motor vehicles and US$58,754 from the sale of other items. However, all the funds remained in the possession of the accused, despite the contractual obligation to remit them within 48 hours.

NetOne reportedly contacted Mubaiwa after the remittance deadline had passed, seeking an explanation for the delay.

It is alleged that on July 23, Mubaiwa deposited US$39,000 as part of the proceeds but converted the remaining US$133,204 for personal use.