HomeLocal NewsFugitive businessman bailed out

Fugitive businessman bailed out


Former Intermarket Holdings Limited boss Nicholas Mugwagwa Vingirai, who was arrested upon his arrival at Harare International Airport on Monday, was on Wednesday released on stringent bail conditions.

Vingirai (58) was ordered to pay $2 000 bail and as part of his bail conditions he was also ordered to surrender title deeds to two properties valued at $60 000, surrender his passport, report once every week at CID frauds and not to visit or interfere with day-to-day business, employees, directors or other Intermarket personnel.

The businessman, whose residential address is number 8 Coventry Road, Greystone Park, appeared before Harare magistrate Donald Ndirowei, on Wednesday facing 11 counts of theft and externalisation of foreign currency, offences allegedly committed between 2003 and 2004.

It is the State’s case that on August 28, 2003, Vingirai issued out a cheque valued at ZW$570 million drawn from Intermarket Private Bank towards First Banking Corporation for the purchase of US$100 000.

It is alleged that the funds were later externalised to Citibank London via Intermarket Banking Corporation Zambia Ltd without the authority of the Reserve Bank of Zimbabwe (RBZ).

The following month Vingirai allegedly issued out another cheque valued at ZW$630 million to Remo Stockbrokers and the funds were channelled through a company called Coppleridge to Century Bank for the purchase of $$200 000, which was later credited into his United Kingdom account.

In the last two counts, Vingirai allegedly exported US$300 000 and R1,5 million to Citibank London and Andrew Weir & Company’s Royal Bank of Scotland account respectively without the authority of the RBZ.

When the offence came to light, in late 2003, Vingirai fled the country before a warrant of arrest was applied for and issued against him.

Vingirai was arrested by detectives from the Criminal Investigation Department’s Serious Frauds Section. He was represented by Godfrey Mamvura while the State was represented by Molyn Mutamangira.

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