Former Confederation of Zimbabwe Industries (CZI) president and Alliance Holdings executive chairperson, Joseph Kanyekanye, appeared in court on Saturday facing charges of extortion, fraud, and money laundering.
The 58-year-old was remanded in custody by Harare regional magistrate Mr Musaiona Shortgame until Monday for a bail hearing.
According to prosecutors, between April 14 and April 17, 2026, Kanyekanye and alleged accomplices who are still at large pressured Pharmaceutical and Chemical Distributors (PCD) Private Limited into paying money he was not entitled to receive. The funds were allegedly requested for Independence Day celebrations in Maphisa, Matabeleland South.
The State alleges that Kanyekanye invoked President Emmerson Mnangagwa’s name while demanding the money and warned the company of unspecified repercussions if it refused to comply.
As a result, PCD allegedly transferred US$663,480 from a lawyers’ trust account into a CBZ Bank account belonging to Jemina Capital on April 17, 2026.
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In the fraud charge, prosecutors claim that between March and April 17, 2026, Kanyekanye and his accomplices misled the Ministry of Finance, Economic Development and Investment Promotion by using forged payment instructions purportedly issued on behalf of PCD.
The forged communication allegedly requested the release of Treasury Bill funds despite the contract between the parties having already expired. Prosecutors say neither PCD nor the President’s Office had authorised the letter.
Believing the instructions were legitimate and linked to the President’s Office, the Ministry allegedly released US$1.8 million into PCD’s account. Of that amount, US$884,641 was later transferred into a lawyers’ trust account.
The court heard that Kanyekanye allegedly used the forged documents to convince both the lawyers and PCD that the money was urgently required for Independence Day celebrations in Maphisa, claiming the President would otherwise cancel the funds and future payments.
Authorities allege the US$663,480 transferred to Jemina Capital was not used for the stated purpose, but instead benefited Kanyekanye and his associates.
On the money laundering charge, the State claims that between March and April 17, 2026, the accused transferred the allegedly illicit funds through several third-party accounts in an attempt to conceal their source and ownership.
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