Farevic Systems director Shingai Faranisi who was convicted by a Harare Magistrate on allegations of fraud involving ZWL$3.24 million, has been acquitted by the High Court after the court noted that the lower court erred in its conviction.
High Court judges of appeal Justice Muzofa and Justice Vongai Guwuriro allowed Faranisi’s appeal and acquitted him.
“The appeal is hereby allowed. The decision of the court a quo is set aside and substituted with the following: ‘not guilty and acquitted,’ the judges ruled.
The judges said the reasons for the acquittal would follow.
A Harare magistrate Jacqueline Gara convicted Faranisi following a full trial.
The lower court had ruled that on September 29, 2022, shareholders of Farevic Systems held a meeting where they resolved that Ms Duduzile Mungure would become a signatory to all the company’s bank accounts together with the accused.
It was further alleged that for every bank transaction, both signatories were required to sign a signature card. Samples of the signatories and signing instructions, which stated that both signatories must sign on any transaction, were held at FBC Bank.
The state alleged that on October 27, 2022, the accused went to the FBC Bank, Victoria Falls branch and withdrew ZWL$3,240,000 from the Farevic Systems account number 6127544780478, transferring it to the Tambwari Logistics account without the knowledge or consent of the company’s other signatory.
The state further alleged that due to Faranisi’s misrepresentation to the bank, the company suffered a total prejudice of ZWL$3,240,000,.
However, the High Court overturned the conviction and sentence, acquitting him.