The former managing director of Assa Abloy Zimbabwe (Private) Limited, Clive Majoni has been convicted of fraud and money laundering after diverting Treasury Bills worth more than US$1.38 million that were intended for his former employer.
Majoni was convicted on both counts following a full trial before High Court Judge Justice Kwenda.
He was remanded in custody until 16 October 2026 for sentencing.
Majoni’s employment as managing director of Assa Abloy Zimbabwe was terminated on 4 November 2020.
Despite no longer having authority to act on behalf of the company, he allegedly wrote to the Reserve Bank of Zimbabwe on 13 May 2022 using the company’s letterhead.
In the letter, Majoni instructed the central bank to transfer Treasury Bills issued to settle Assa Abloy’s legacy debt to a CBZ bank account belonging to Chubb Security (Private) Limited, a company he had established.
The Treasury Bills were subsequently transferred to Chubb Security after which Majoni disposed of them at a 50% discount for US$690 959.
The money was not recovered, according to the case presented in court.
The court established that Majoni used the proceeds to purchase two motor vehicles for Chubb Security.
Majoni will return to the High Court on 16 October for sentencing.
