Former Managing Director of Assa Abloy Zimbabwe (Private) Limited, Clive Majoni, has been convicted of fraud and money laundering after diverting Treasury Bills valued at over US$1.38 million meant for his former employer.

He was found guilty on both counts by High Court Judge Justice Kwenda following a full trial and was remanded to 16 October 2026 for sentencing.

The court heard that Majoni had his contract terminated on 4 November 2020.

However, on 13 May 2022, well aware that he no longer had authority to act on behalf of his former employer, Majoni wrote a letter to the Reserve Bank of Zimbabwe on the company’s letterhead. He instructed the central bank to transfer Treasury Bills issued in settlement of the company’s legacy debt to a CBZ account held in the name of Chubb Security (Private) Limited, a company he had established.

The Treasury Bills were subsequently issued to Chubb Security, and Majoni disposed of them at a 50 percent discount for US$690,959.

The money was not recovered, but the court established that he used it to acquire two motor vehicles for Chubb Security (Private) Limited.