Former ReNaissance Financial Holdings group chief executive officer Patterson Fungayi Timba, who was four months ago arrested and charged with 17 counts of externalising close to $2,5 million in foreign currency and one count of fraud involving shares worth over $1 million, was yesterday removed from remand.
Harare magistrate Anita Tshuma refused to further remand Timba after the Attorney-General’s Office failed to provide him with a trial date.
Tshuma turned down the State’s request for another chance to put its house in order.
On three previous court hearings, the State had promised to supply Timba with a trial date, but all efforts to prosecute him proved fruitless, prompting the court to use its discretion and decline to remand him further.
Tshuma ordered the State to proceed by way of summons.
Allegations against Timba were that between 2005 and January 27, 2011, he connived with one Kundindira and Tatenda Madzingo, who are already on remand on the same allegations, and authorised payment of $2 432 160 from ReNaissance Merchant Bank to Stanbic Bank in Uganda.
It is alleged Timba and his accomplices would transfer funds directly to ReNaissance Capital Limited in Uganda or through their personal accounts or individual employees’ accounts to disguise the true source of funds.
On the fraud charge, the State alleges sometime in April last year, Timba approached Metropolitan Bank officials and misrepresented that he had authority from Africa First ReNaissance Corporation to withdraw 92 442 995 shares.
- Chamisa under fire over US$120K donation
- Mavhunga puts DeMbare into Chibuku quarterfinals
- Pension funds bet on Cabora Bassa oilfields
- Councils defy govt fire tender directive
Keep Reading
He allegedly transferred the shares to Metropolitan Bank where he secured a $3,7 million loan for Bethel Trust owned by his family.
