BY HARRIET CHIKANDIWA
DAVID Whitehead Textiles (DW) judicial manager Knowledge Hofisi appeared at the Harare Magistrates Court yesterday facing five counts of fraud and theft of trust property.
Harare magistrate Dennis Mangosi, who presided over the case, remanded him in custody for bail application.
The complainant in the matter is David Whitehead Textiles Limited.
The State alleges that Hofisi started abusing funds at the Kadoma-based former textiles giant when he was appointed judicial manager in 2014 and was entrusted with the company’s finances.
In the first count, the State alleges that on July 12, 2016, Hofisi transferred US$650 from the company’s Stanbic Bank account into one Cynthia Zvikaramba’s bank account.
Zvikaramba was not an employee of the company.
In the second count, on July 15, 2016, Hofisi made two transfers to the tune of US$200 from the same DW bank account to one Georgina Jana for personal use.
Jana was not on DW’s payroll.
The State alleges that Hofisi made two further transfers to Jana on July 16 and 22, of US$1 000 each.
The State attached bank statements confirming the transfers as exhibits.
Nothing was recovered.
Hofisi has, for the past few years, been at loggerheads with DW shareholders, who accuse him of stealing from the company and stripping off its assets.
He is also being accused of failing to account for the proceeds of disposal of the DW non-productive assets he sold in order to raise capital and also failed to invest the proceeds into the business, notwithstanding his receipt of the said proceeds.