Clive Majoni, the former managing director of Assa Abloy Zimbabwe (Private) Limited, has been convicted of fraud and money laundering by the High Court in Harare. The conviction follows a full trial before Justice Kwenda, who found Majoni guilty of diverting Treasury Bills worth more than US$1.38 million that were intended for his former employer.
According to court proceedings, Majoni’s employment with Assa Abloy Zimbabwe was terminated on 4 November 2020. However, on 13 May 2022, he allegedly wrote to the Reserve Bank of Zimbabwe 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, receiving 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 of fraud and money laundering. He has been remanded in custody until 16 October 2026 for sentencing.