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PSMAS bosses removed from remand

Local News
It is the State’s case that sometime in 2020, the PSMAS board resolved to venture into gold trade.

FOUR Premier Service Medical Aid Society (PSMAS) bosses who were arrested on allegations of stealing US$702 386 from the company were removed from remand last week after the State indicated that the docket was incomplete.

This was revealed Monday when Farai Muchena (55), Victor Chaipa (50), Cosmas Mukwesha (51) and Polite Mugwagwa (42) appeared before magistrate Marewanazvo Gofa for routine remand.

The group was represented by Tapson Dzvetero.

It is the State’s case that sometime in 2020, the PSMAS board resolved to venture into gold trade.

They passed a resolution that staff from the procurement department would buy the gold on behalf of PSMAS.

 On February 18, 2021, PSMAS handed over the projects of gold buying, cannabis growing and micro finance business to Premier Service Holding Company so that the society focuses on its core business of providing health insurance.

 On July 13, 2021, Muchena allegedly wrote to the complainant’s principal officer requesting for funding for the gold project, which had been taken over from PSMAS.

 The funding amounted to US$237 794, with US$108 674 as pre-trading funding.

 Muchena advised PSMAS about the formation of a company named Claydust solely for the buying and selling of gold to Fidelity Printers and Refiners.

In response, PSMAS allegedly disposed of its Zimbabwe Bank shares amounting to 659 643 and valued at US$38 000 to fund the gold project.

 It is alleged that the accused ignored the initially agreed position of using the complainant’s procurement team in buying the gold on behalf of the society.

Instead, the accused persons allegedly used 18 private agencies unknown to the PSMAS for gold buying.

 Between 2019 to 2022, the accused persons allegedly received gold from five private agencies and sold it to Fidelity, realizing US$702 386,80. They, however, allegedly converted the money to their own use.

This was reportedly exposed during an audit.

Anesu Chirenje represented the State.

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