HARARE, Apr. 27 (NewsDay Live) — Former managing director of Assa Abloy Chubb Locks Union, Clive Majoni, has been remanded to May 12 after appearing in court on allegations of defrauding his former employer of US$1,381,920.
Majoni, who is out on bail, is accused of fraud linked to blocked funds and Treasury Bills arising from Zimbabwe’s 2019 monetary reforms.
Prosecutors allege that between 2018 and 2019, Chubb Locks Union Zimbabwe held United States dollar balances in Stanbic Bank accounts before the funds were re-denominated to RTGS dollars under government policy changes. The company later applied under the Reserve Bank of Zimbabwe’s blocked funds legacy debt framework for recognition of foreign liabilities amounting to US$1,381,918.65.
The application was allegedly approved on January 30, 2020, giving the company a valid claim for settlement under the blocked funds resolution framework.
Court papers state that after operational difficulties, the company ceased trading and Majoni’s employment was terminated in November 2020. He was allegedly offered a US$20,000 incentive to assist in following up the approved legacy debt claim because he had been the original contact person.
The State alleges that between 2020 and 2022, without authority from the Assa Abloy Group, Majoni incorporated Chubb Security (Private) Limited and opened a CBZ Bank account using a name similar to the former Chubb Locks Union Zimbabwe.
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It is further alleged that Majoni fraudulently wrote to the Reserve Bank of Zimbabwe instructing it to transfer Treasury Bills belonging to Assa Abloy Zimbabwe to the CBZ account of Chubb Security, falsely claiming the company’s Stanbic account had been closed.
Acting on the instructions, the RBZ allegedly issued three Treasury Bills worth a combined US$1,381,918.85 to Chubb Security (Private) Limited. The securities were later transferred to third parties, allegedly depriving Assa Abloy Zimbabwe of its entitlement.
The matter reportedly surfaced in June 2025 after investigators engaged by Assa Abloy South Africa discovered the Treasury Bills had already been issued. A complaint was then lodged with the Zimbabwe Anti-Corruption Commission.
Prosecutors say the company suffered actual prejudice of US$1,381,920.