harare-magistrates-court.jpgStanbic manager Xavier Chikoko who is facing charges of defrauding the bank of more than US$203 000 has been given a $500 bail by a Harare Magistrate while his co-accused Thedius Mudonhi has been denied bail.


Magistrate Mr Donny Ndirowei asked Chikoko to surrender his passport and to report to the police once every week and not to interfere with state witnesses.

The Magistrate denied bail the second accused Mudonhi who is a former RBZ employee on the grounds that he is a flight risk as he is reported to have relocated to South Africa.

Mudonhi has been remanded in custody to the 1st of February.

It is the State case that Chikoko fraudulently transferred US$203 294.66 into Mudonhi’s account who later withdrew the cash.

The fraudulent transfer was allegedly authorised by another Stanbic manager Cuthbert Chitima.

Chitima who is the owner of Premier League side Gunners, appeared in the same court and was given US$200 bail.