The Office of the Master of the High Court is currently reviewing allegations against legal practitioner Dumisani Dube, following a complaint lodged by former directors of Fools Investments (Pvt) Ltd.
The company, under corporate rescue proceedings, is at the center of a series of claims involving fraudulent activities, including the illegal placement of the company under corporate rescue and the misappropriation of funds.
The complaint, filed by directors Munyaradzi Charakupa and Paul Chakaingesu, accuses Dube of orchestrating a fraudulent process that led to Fools Investments being placed under corporate rescue.
According to the complainants, Dube, in collaboration with a former employee of the company, Mohammed Daka, forged documents to obtain a corporate rescue certificate.
They allege that Dube falsely presented a resolution purportedly authorized by Xu Xiaofei, a shareholder in the company, which allowed him to assume the role of corporate rescue practitioner.
Alleged Illegal Mining Operations and Misuse of Company Assets
Further allegations include illegal mining operations conducted by Dube, despite a suspension order from the Ministry of Mines, and the unauthorized sale of the company’s assets.
Charakupa and Chakaingesu also claim that Dube has misused funds, amounting to approximately US$1.5 million, which were generated from the sale of assets and mining activities. The funds were reportedly not remitted to the shareholders or to the Master of the High Court.
Investigation into Allegations of Embezzlement and Forgery
Dube is also facing accusations of embezzling funds from a trust account he was entrusted with by the company’s directors.
In a separate but related matter, Dube reportedly engaged in illegal mining at Fools Investments’ mine in Plumtree, despite being on bail for related charges.
He has also been accused of forging documents, including a power of attorney, to further his fraudulent activities.
Law Society of Zimbabwe Initiates Investigation into Dube’s Professional Conduct
These allegations have prompted an investigation by the Law Society of Zimbabwe (LSZ) into Dube’s professional conduct.
The LSZ has issued a notice to Dube, requesting a formal response to the complaints within fourteen days. Failure to respond within the stipulated time frame may result in the matter being forwarded to the Disciplinary and Ethics Committee for further action.
The Zimbabwe Republic Police, the National Prosecutor General, the Zimbabwe Anti-Corruption Commission, and other relevant authorities have also been notified of the allegations.
In response, Charakupa and Chakaingesu have called for urgent action to address what they describe as unethical and criminal behavior by Dube, which they argue has caused significant financial harm to Fools Investments and its shareholders.
Calls for a Thorough Investigation and Review of Corporate Rescue Process
The case has garnered widespread attention, with many calling for a thorough investigation into the conduct of Dube, as well as a review of the corporate rescue process to prevent similar abuses in the future.
