AirZim insurance firm bosses accused of $8,7 million fraud

AirZim insurance firm bosses accused of $8,7 million fraud

via AirZim insurance firm bosses accused of $8,7 million fraud – NewsDay Zimbabwe February 20, 2014 by Charles Laiton

AS the crackdown following the Air Zimbabwe insurance saga continues, three Navistar Insurance bosses yesterday appeared at the Harare Magistrates’ Court charged with fraud involving over five million euros (about $6,6 million) and $2 112 750 through an alleged well-calculated insurance scam.

The trio of Givemore Nderere (45), Vukile Hlupo (45) and Orten Mawire (60) appeared before provincial magistrate Douglas Chikwekwe and were remanded in custody to today for their bail application.
Their arrest comes barely a week after the arrest and remand in custody of former AirZim bosses Grace Pfumbidzai, Innocent Mavhunga and Peter Chikumba on the same allegations.

According to the State papers, Nderere, Hlupo and Mawire, who are the directors of Navistar Insurance, allegedly acted in connivance with the former AirZim bosses to swindle the airline of millions of dollars through inflated aviation insurance premiums.

It is alleged this was done through the inflation of several debit notes that were later presented to AirZim and were authorised for payment in respect of aviation insurance premiums to Colemonte Reinsurance Brokers (Pvt) Ltd and Marsh Insurance Brokers (Pvt) Ltd, both United Kingdom-based firms.

As a result, the AirZim finance department allegedly acted upon the misrepresentation and released a total of 15 783 452, 93 euros to Navistar Insurance Brokers who only remitted a total of 10 607 859, 22 euros to the international broker and converted the remainder to their own use.

The State further alleges on May 8, 2009, the three Navistar bosses, acting in connivance with Pfumbidzai and Chikumba, misrepresented to AirZim that there was urgent need to pay $142 300 to the European Commission to avoid the placement of the airline on sanctions and they converted the money to their own use.

In 2012, the State alleges, AirZim leased two A320 Airbuses from Hong Kong and the aircraft were fully insured by the lessor until March 2013.

However, Navistar bosses acting in connivance with Pfumbidzai and Mavhunga, misrepresented that the two Airbuses were not insured and they originated four fictitious debit notes in the sum of $1 659 276, one debit note for $360 448 was paid while the other three valued at $1 298 827 were intercepted before release of funds.

The Navistar bosses are also alleged to have swindled the airline of several thousands of dollars in a similar manner.

COMMENTS

WORDPRESS: 5
  • comment-avatar
    Gutu 4 years

    Chikurubi straight!

  • comment-avatar
    ngwalongwalo 4 years

    may they rot in prison, lock them in and throw away the keys

  • comment-avatar
    Tjingababili 4 years

    THEY WERE ON A PARTY MISSION! MISSION ACHIEVED!

  • comment-avatar
    Tjingababili 4 years

    PLACE US TOO IN THESE STRATEGIC PARASTALS, WE ALSO WANT TO LEARN HOW TO STEAL!

  • comment-avatar
    Africanson 4 years

    Yawora nyika yedu takatarisa. Makororo everywhere. Its in gvt, parastatals, private sector etc. My brother had to pay 300 dollars to get a place at UZ despite his excellent points. If he had not done that there was going to be no study. Look at the banking sector, interfin for example how they enjoyed depositors money. Check contracts awarded to public works. Look at zanu senior members properties. If you had hope for mdc to salvage the situation you are lost, Morgan is actually staying in a gvt house. He could have acted smart by saving gvt expenses but ndiye idii when everyone else is feasting on the zim skelleton.