Ex-Farevic Boss Shingai Faranisi Back in Court Over Z$3.2 Million Fraud Allegations

EX-FAREVIC Systems (Farevic) managing director Shingai Faranisi’s fraud trial resumed at the Harare Magistrate’s Court on Wednesday with State witness Mr Ntabezinhle Moyo confirming that the former had indeed withdrawn money from the company’s FBC Bank account in Victoria Falls.

Another witness, Mr Michael Musekiwa, a former teller at the resort town branch, had also told the Harare Magistrates Court in December last year that the information technology specialist had indeed transferred money into Mr Moses Ruwona’s Tambwari Logistics (Tambwari) without the approval of the other signatory.  Follow us on our WhatsApp Channel

Even though Faranisi has professed his innocence, Mr Moyo deposed an affidavit in which he authenticated a September 2022 “standing arrangement where two people were supposed to sign financial or banking papers”.

With the standing arrangement backed up by a shareholders’ agreement and resolution that Ms. Duduzile Mungure would be inducted on all company accounts, Faranisi also stands accused of “violating that strict signing instruction, which ought to have been adhered to.”

But on October 27, 2022, Faranisi allegedly went to FBC’s Victoria Falls branch – instead of their Belgravia private banking outlet – and wired money from his ex-company account to Tambwari without the knowledge or consent of the other signatory.

As a result of the alleged misrepresentation to Mr Musekiwa and the bank, the company suffered a Z$3,2 million prejudice and loss. Nothing was recovered.

Tambwari has twice been implicated in illegal foreign currency deals, and trading and was also indicted by authorities.

Source: Herald