Clive Majoni, the former managing director of Assa Abloy Zimbabwe (Private) Limited, has been convicted on charges of fraud and money laundering by the High Court in Harare. The conviction follows a full trial before Justice Kwenda, who found that Majoni diverted Treasury Bills valued at more than US$1.38 million that were meant for his former employer.
Majoni’s employment as managing director of Assa Abloy Zimbabwe was terminated on 4 November 2020. However, according to court records, he allegedly wrote to the Reserve Bank of Zimbabwe (RBZ) on 13 May 2022 using the company’s letterhead, instructing the central bank to transfer Treasury Bills issued to settle Assa Abloy’s legacy debt to a CBZ bank account belonging to Chubb Security (Private) Limited, a company he had established.
The Treasury Bills were subsequently transferred to Chubb Security, after which Majoni disposed of them at a 50% discount for US$690,959. The court heard that the money was not recovered. Majoni used the proceeds to purchase two motor vehicles for Chubb Security.
Justice Kwenda convicted Majoni on both counts. He has been remanded in custody and is scheduled to return to the High Court on 16 October 2026 for sentencing.
The case highlights ongoing concerns about white-collar crime and the abuse of corporate positions in Zimbabwe. Treasury Bills are short-term government securities often used to manage liquidity and settle legacy debts, making them a target for fraudulent schemes.
Assa Abloy Zimbabwe, a subsidiary of the global Assa Abloy group, specialises in security and locking solutions. The company has not yet commented on the conviction.
Legal experts say the conviction sends a strong message that individuals who exploit their positions for personal gain will face the full wrath of the law. The sentencing date will be closely watched by the business community and the public alike.
