Former Assa Abloy MD convicted of US$1.38m fraud and money laundering

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

The Zimbabwe Anti-Corruption Commission (ZACC) said Majoni was found guilty on both counts by High Court Judge Justice Kwenda following a full trial. He was remanded to 16 October 2026 for sentencing.

According to ZACC, Majoni had been employed as Managing Director of Assa Abloy Zimbabwe (Private) Limited until his contract was terminated on 4 November 2020.

However, on 13 May 2022, well aware that he no longer had authority to act on behalf of the company, he wrote to the Reserve Bank of Zimbabwe on Assa Abloy’s letterhead.

In the letter, 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.

ZACC said the Treasury Bills were subsequently issued to Chubb Security.

Majoni then disposed of them at a 50 per cent 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.