Last week, four PSMAS bosses accused of misappropriating $702,386 were removed from jail. The decision was made after it was disclosed that the case docket was incomplete.
PSMAS Bosses Fraud Allegations From 2020
According to the prosecution, in 2020, the PSMAS board decided to enter the gold trade market. They resolved that the procurement department staff would handle gold purchases on behalf of PSMAS. On February 18, 2021, the gold buying, cannabis cultivation, and microfinance projects were transferred to the Premier Service Holding Company to allow PSMAS to focus on health insurance.
ALSO READ: “Who Got The Tender?”: Chaos As New High Court Judges Get Fresh Land Rover Discovery Cars
To fund this venture, PSMAS purportedly sold its shares in Zimbabwe Bank, valued at $38,000. Contrary to the initial plan of utilizing PSMAS’s procurement team, the accused allegedly employed 18 private agencies, unknown to PSMAS, to purchase the gold.
Financial Misconduct and Audit Findings
Between 2019 and 2022, the accused reportedly received gold from five private agencies and sold it to Fidelity Printers and Refiners, generating $702,386.80. Instead of remitting this money to PSMAS, they allegedly converted it for personal use. This misconduct was uncovered during an audit.
ALSO READ: Zimbabwe To Introduce Penalty Points System To Punish Reckless Drivers: Here Is How It Will Work
Legal Proceedings
During the court session, the State was represented by Anesu Chirenje. Due to the incomplete case docket, the court removed the accused from remand pending further investigation.
Follow Us on Google News for Immediate Updates
#PSMAS #bosses #removed #jail
