TIMB executives charged over US$494 000 loan

Sunday Mail Reporter

TWO Tobacco Industry and Marketing Board (TIMB) executives appeared in court yesterday on allegations of wrongfully extending a loan facility of over US$494 000 to a company without the knowledge of the tobacco industry regulator’s board.

TIMB board chairperson Patrick Devenish and Meanwell Gudu, the chief executive officer, were arrested by the Zimbabwe Anti-Corruption Commission and charged with fraud.

They were not asked to plead to the charges and were remanded in custody to tomorrow for bail application.

The pair is accused of extending a loan facility to Ultime Accolade Private Limited in May 2021 without a board resolution.

Their court appearance came just a day after Gudu was acquitted of criminal abuse of office charges involving more than US$2 million.

Gudu was previously charged alongside Stuart Shanyika, a former head of special services at TIMB; and Andrew Evaristo Matibiri, a former TIMB chief executive officer. The trio was arrested in September 2022.

The State alleged that the executives, acting in connivance, entered into private agreements with tobacco contractors they had hand-picked.

They allegedly used funds from a TIMB loan obtained from Agribank through the Reserve Bank of Zimbabwe to support these companies, contrary to provisions of the loan agreement.