PSMAS Bosses Accused Of Embezzling US$700K Removed From Jail

PSMAS Bosses Fraud Allegations From 2020

According to the prosecution, in 2020, the PSMAS board decided to enter the gold trade market. They resolved that the procurement department staff would handle gold purchases on behalf of PSMAS. On February 18, 2021, the gold buying, cannabis cultivation, and microfinance projects were transferred to the Premier Service Holding Company to allow PSMAS to focus on health insurance.

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To fund this venture, PSMAS purportedly sold its shares in Zimbabwe Bank, valued at $38,000. Contrary to the initial plan of utilizing PSMAS’s procurement team, the accused allegedly employed 18 private agencies, unknown to PSMAS, to purchase the gold.

Financial Misconduct and Audit Findings

Between 2019 and 2022, the accused reportedly received gold from five private agencies and sold it to Fidelity Printers and Refiners, generating $702,386.80. Instead of remitting this money to PSMAS, they allegedly converted it for personal use. This misconduct was uncovered during an audit.

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Legal Proceedings

During the court session, the State was represented by Anesu Chirenje. Due to the incomplete case docket, the court removed the accused from remand pending further investigation.