Kreamon Investments under RBZ microscope for alleged fraudulent activites,submits fake bank deposit slips
Munyawarara family not new to controversy
Harare- THE Reserve Bank of Zimbabwe has launched an inquiry into Kreamorn Investments (Private) Limited, following gross allegations of misconduct,Express Mail Zim can report.
The investigation was prompted by a complaint from businessman Tendai Masamhanda.
In a letter dated 7 December 2023, the Reserve Bank raised concerns over a payment of US$270,000 made by Kreamorn Investments to the High Court Sheriff bank account on 24 October 2018 for and on behalf of Kingstone Hamutendi Munyawarara and Bariadie Investments Private Limited.
The complaint alleges serious violations, accusing Kreamorn Investments of contravening sections 30(2) and 23(1)(c) of the legal framework governing the sale of immovable property through public auction. Additionally, there are claims that the company engaged in fraudulent transactions, producing falsified bank statements and deposit slips for non-existent deposits, in disregard of section 19 of the Microfinance Act.
The Managing Director of Kreamorn Investments, as addressed in the letter, has been given a seven-day ultimatum to respond to these allegations. The letter emphasizes the need for the company to provide documentary evidence to support its position.
Commenting on the unfolding investigation, Mashamhanda expressed his concerns, stating,
“The allegations against Kreamorn Investments raise serious questions about the integrity of the auction process and the adherence to established financial regulations. The public deserves transparency and accountability in such matters.”
Kreamorn had for long maintained a squakey clean image but was exposed in this development .
The Munyawarara family is no stranger to controversy, sometime last year Kreamorn boss Tendai’s cousin Takudzwa appeared in court after duping Garwe owner Mandy Mvukwe of USD48 000 botched mobile toilets deal.
Loosely translated, Munyawarara means stale food.
