ABWA founder Shamiso Fred granted US$500 bail for million dollar grand corruption
Harare- CONTROVESIAL African Business Women Association (ABWA) founder Shamiso Fred appeared in court Thursday facing charges of misappropriation of close to US$1 million, Express Mail Zim can report.
Fred is accused of having used a trust, a private voluntary organisation and several companies operating under ABWA to lure over 2 000 people who invested a minimum of US$1,036 each in return for 22 monthly shares of a minimum US$250 depending on the investment.
Allegations say the ABWA founder convinced each investor that the money would be used to purchase, produce and market livestock and a monthly share payout will be made from the proceeds of livestock production.
Allegations further state that upon registration, Fred started operating outside the mandate of the terms of the private voluntary organisation (PVO) which is illegal.
She was granted US$500 bail and to surrender her passport .
She will be back in court next month.
