Former Managing Director Faces Fraud Charges

Munyaradzi Mashiri

Zim Now Court Correspondent

A former managing director has been brought before the courts facing charges of fraud, after allegedly deceiving his employer into covering personal expenses.

Tinaap Nyawo, 43, appeared at the Harare Magistrates' Courts on charges of fraud. He was ordered to return to court on January 22, 2025.

According to the State, the complainant is a company, which claims Nyawo exploited his position to fraudulently acquire a loan from Stanbic Bank for personal use.

In January 2021, while still serving as the company’s managing director, Nyawo allegedly took out a loan in his name, which he used to purchase a Toyota Fortuner.

It is further alleged that Nyawo devised a scheme to mislead the complainant and have the company bear the cost of servicing the loan. He convinced the complainant’s group finance director, David Dhliwayo, that the vehicle was owned by the company and should be included in its asset inventory. As a result, the company began covering maintenance, licensing, and insurance costs for the vehicle.

Nyawo then reportedly demanded reimbursement for all the deductions made from his personal bank account to service the loan, totaling RTG$78,836,127 and US$18,820, which were transferred from the company’s Stanbic account to Nyawo’s personal Stanbic and Cabs accounts.

In October, Nyawo was dismissed from his position and instructed to return all company assets. However, it is alleged that Nyawo refused to return the vehicle, claiming it was his personal property. Upon investigation, the complainant discovered that the vehicle had been registered in Nyawo’s name, revealing the fraudulent scheme.

The complainant claims to have incurred significant financial losses due to Nyawo's actions, totaling RTG$78,836,127 and US$18,820.

The case highlights concerns over corporate governance, as Nyawo is accused of abusing his executive position to benefit personally at the company's expense.