HARARE, Zimbabwe – Oswald Tutai, the finance manager of the Insurance Council of Zimbabwe (ICZ), appeared before the Harare Magistrates Courts on Tuesday facing charges of stealing US$371,000 from the organisation.
Tutai, represented by lawyer Steven Chikotora, appeared before Magistrate Marehwanazvo Gofa. The state alleges that Tutai systematically siphoned funds from the ICZ’s Stanbic bank account over a period of 17 months, between January 2022 and May 31, 2024.
The prosecution, led by Lancelot Mutsokoti, detailed how Tutai allegedly withdrew a total of US$371,610 and converted it for his personal use.
To conceal his alleged illicit activities, Tutai is accused of fabricating vouchers. These fake documents purportedly showed payments made to various individuals and companies for services rendered, creating a false paper trail to mask the missing funds.
The alleged fraud came to light through internal investigations within the ICZ, leading to Tutai’s arrest and subsequent court appearance.
During the court proceedings, Magistrate Gofa granted Tutai bail set at US$300. The case has been remanded to October 25, 2024, for further proceedings.
The ICZ has yet to release an official statement regarding the matter, and attempts to reach their representatives for comment have been unsuccessful.
This case underscores the vulnerability of organisations to internal fraud, regardless of their size or sector. The alleged actions of Tutai, if proven true, represent a significant breach of trust and raise questions about internal controls and oversight within the ICZ, an organisation that stands for and protects the interests of short-term insurers in Zimbabwe.
