HomeLocal NewsDirectors charged for looting company

Directors charged for looting company

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Three directors of a local company, Lardoil Zimbabwe, are facing theft and fraud charges after allegedly selling company property valued at $140 000 unprocedurally.

The three, Andrew Musabayane (38), Israel Nyabereka (41) and Lenyfesty Mukonoweshuro (45), yesterday appeared before regional magistrate Never Katiyo who remanded them out of custody to August 1.

Lardoil Zimbabwe was being represented by its general manager as well as workers’ representative, Alouis Nyamadzawo.

Allegations are that in October 2009 the company faced financial difficulties and decided to sell its assets and close down.

The assets were reportedly evaluated at a certain figure, but Musabayane allegedly sold them at different prices without the consent of the company, prejudicing it of $29 650.

The following month, he allegedly sold company shares with Kingdom Bank valued at $9 931 and pocketed the money.

Mukonoweshuro allegedly took 30 000 litres of diesel worth $31 500 from the company and remitted nothing.

Nyabereka also reportedly received 33 000 litres of diesel on behalf of Lardoil Zimbabwe and he only handed over 5 000 litres, prejudicing the company of $29 400.

In 2009 the company assets were left in the custody of Lardoil Zimbabwe security guards after it was closed. However, Nyabereka allegedly replaced them with his own security guards.

He reportedly went on to strip company vehicles of parts, leaving mere shells. The stripped parts were valued at $26 094.

When the company closed, 2 693 litres of diesel and 1 700 litres of petrol were reportedly in stock and in August 2010 Nyabereka allegedly stole the fuel worth $4 833,65.

It is alleged that in November 2009, Musabayane took a diesel dispensing pump and sold it for $2 500.

He reportedly went on to sell company furniture valued at $6 329 and again pocketed the money.

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