Tobacco Association leadership arrested for fraud – Tobacco Reporter

The Zimbabwe Anti-Corruption Commission has arrested two senior officials of the Tobacco Industry and Marketing Board (TIMB) and accused them of fraud, reports The Sunday Mail.

TIMB Chairman Patrick Devenish and TIMB CEO Meanwell Gudu are accused of providing Ultime Accolade Private with a loan of over $494,000 in May 2021 without the knowledge of the tobacco industry regulator.

The couple appeared in court just one day after Gudu was acquitted of charges of abuse of office totaling more than $2 million.

Gudu was previously charged along with Stuart Shanyika, a former head of special services at TIMB, and Andrew Evaristo Matibiri, a former CEO of TIMB. The trio were arrested in September 2022.

The state alleged that the executives had made private agreements with hand-picked tobacco suppliers in connivance.

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