Zimbabwe Anti-Corruption Commission Arrests Two Senior Executives for Fraud
Two senior officials from the Tobacco Industry and Marketing Board (TIMB), including its chairperson Patrick Devenish and CEO Meanwell Gudu, have been arrested by the Zimbabwe Anti-Corruption Commission (ZACC) and charged with fraud. The charges stem from the alleged unauthorized extension of a loan facility amounting to over US$494,000 to Ultime Accolade Private in May 2021.
According to reports from The Sunday Mail, the loan was granted without the knowledge or approval of the TIMB board, constituting a clear breach of protocol. The two executives appeared in court shortly after Gudu was acquitted of separate charges involving the alleged misappropriation of more than US$2 million.
Gudu, along with former TIMB officials Stuart Shanyika and Andrew Evaristo Matibiri, had previously faced charges in 2022. The state accused the trio of conspiring to engage in private agreements with selected tobacco contractors and diverting funds from a TIMB loan to support these companies. The loan had been obtained through Agribank with backing from the Reserve Bank of Zimbabwe, but it was allegedly used for purposes outside of the stipulated terms, violating the loan agreement.
The charges against the executives come amid ongoing efforts by the Zimbabwe Anti-Corruption Commission to address corruption within state institutions and enforce financial accountability.
