THE trial of ex-Farevic Systems (Farevic) managing director Shingai Faranisi – centered on a $3 million dispute with his former business partners – continued yesterday with the witness nailing the accused allegedly withdrawing money from the company’s FBC Bank account in Victoria Falls.
And it not only emerged yesterday that the IT expert had transferred the money to Moses Ruwona’s Tambwari Logistics (Tambwari) in the resort town, and instead of their Belgravia private banking outlet, but state witness Ntabezinhle Moyo told magistrate Jacqualine Gara that Faranisi was obliged to transact on company accounts with other signatories according to standing instructions.
He disposed off an affidavit and in which said that Faranisi and Kundai Mutseyekwa were the signatories to the company accounts.
Another witness Michael Musekiwa, a former teller at the resort town branch, had also said in December that Faranisi had indeed transferred money into Tambwari outside the approval of other signatories.
With the standing arrangement backed up by a shareholders’ – agreement and – resolution that Duduzile Mungure would be inducted on all company accounts, the Farevic founder also stands accused of “violating that strict signing instruction and which ought to have been adhered to”.
On October 27, 2022, Faranisi allegedly went to FBC’s Victoria Falls branch and wired money from his ex-company account to Tambwari without the knowledge or consent of the other signatory.
As a result of the software engineer’s alleged misrepresentation to Musekiwa and the bank, the company suffered a Z$3,2 million loss and prejudice, and which funds were never recovered.
And Tambwari is the company, which has twice been implicated in alleged illegal foreign currency dealings, and trading and as well as indicted by authorities.
In the meantime, Farevic is one of the companies at the center of NetOne chief executive Mr Raphael Mushanawani’s aborted prosecution.