Catch & Release: PSMAS Bosses Removed From Remand
Last week, four PSMAS bosses accused of misappropriating $702,386 were removed from remand. The decision was made after it was disclosed that the case docket was incomplete.
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The individuals in question are Farai Muchena (55), Victor Chaipa (50), Cosmas Mukwesha (51), and Polite Mugwagwa (42). Their appearance before Magistrate Marewanazvo Gofa for a routine remand led to this revelation. Tapson Dzvetero represented them in court.
According to the prosecution, in 2020, the PSMAS board decided to enter the gold trade market. They resolved that the procurement department staff would handle gold purchases on behalf of PSMAS. On February 18, 2021, the gold buying, cannabis cultivation, and microfinance projects were transferred to the Premier Service Holding Company to allow PSMAS to focus on health insurance.
On July 13, 2021, Muchena allegedly requested funding for the gold project, amounting to $237,794, including $108,674 for pre-trading expenses.
Catch & Release: PSMAS Bosses Removed From Remand
He informed PSMAS about the creation of a company named Claydust, which would handle gold transactions exclusively for Fidelity Printers and Refiners.
To fund this venture, PSMAS purportedly sold its shares in Zimbabwe Bank, valued at $38,000. Contrary to the initial plan of utilizing PSMAS’s procurement team, the accused allegedly employed 18 private agencies, unknown to PSMAS, to purchase the gold.
Between 2019 and 2022, the accused reportedly received gold from five private agencies and sold it to Fidelity Printers and Refiners, generating $702,386.80. Instead of remitting this money to PSMAS, they allegedly converted it for personal use. This misconduct was uncovered during an audit.
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During the court session, the State was represented by Anesu Chirenje. Due to the incomplete case docket, the court removed the accused from remand pending further investigation.
