By A Correspondent| Former Reserve Bank of Zimbabwe (RBZ) Governor Dr. Gideon Gono has accused a couple of orchestrating a fraudulent takeover of his company, Valley Lodge Pvt Ltd, valued at ZWL172 million. Dr. Gono took the witness stand this week in a case involving Clark and Beverly Makoni, who are facing charges of fraud, forgery, and misrepresentation.
In his testimony before Harare magistrate Stanford Mambanje, Gono detailed how the Makonis, who were introduced to him in 2016 by his children, were entrusted with managing his family’s real estate portfolio. Initially tasked with overseeing more than 15 properties in Chivhu, their mandate was expanded in 2017 to include the Mutare-based Valley Lodge.
“I entrusted them with managing both rental collections and property expenses. The understanding was that they would deduct an agreed commission and remit the remainder monthly,” Gono said. “But for months, no income was being remitted, which raised serious red flags.”
He told the court that investigations later revealed that the couple had allegedly manipulated corporate documents to fraudulently seize control of Valley Lodge. This included illegally altering the company’s CR14 form and changing signatories to the company’s ZB Bank accounts — all without the knowledge or consent of Gono or the legitimate shareholders and directors.
“The CR14 was corruptly altered, and Valley Lodge was effectively hijacked through deception,” Gono testified. “Neither I nor the legitimate directors — Ayoob Omar and Mohamed Hussein Omar — authorized any such changes.”
Gono explained that the company, Valley Lodge, was acquired through his investment vehicle Galwex Investments, which bought shares from Costick Investments, represented by businessman Ayoob Omar. While final transfer processes were still ongoing, Gono maintained he remained the sole shareholder and rightful owner.
Omar also gave evidence in court, affirming that the shares had been sold to Gono and not to the Makonis.
The former central bank chief said the fraudulent takeover caused him serious financial losses, estimating the prejudice at ZWL137 million, allegedly siphoned through unauthorized bank withdrawals disguised as salaries for the Makonis and their Ark Properties employees.
“Nothing has been recovered to date,” Gono said. “All I’ve received are apologies — apologies that do not erase the fraud committed.”
He said the incident has taken a personal toll, especially given his retirement. “This investment was meant to support me post-retirement. This fraudulent interference has been a source of considerable stress.”
Gono also revealed that in January 2024, the Makonis attempted to reconcile, offering to pay him back US\$50,000. A proposal was drafted in the presence of their respective legal teams, and even commemorative photos were taken. However, the deal fell apart after Beverly Makoni reportedly refused to sign the agreement.
The prosecution alleges that the couple forged documentation to list themselves as directors of Valley Lodge and misrepresented their status to financial institutions to gain unauthorized access to company accounts. They are accused of illegally embezzling over ZWL172 million.
The matter has been postponed to July 11. Investigating officer Eric Chacha from the Zimbabwe Anti-Corruption Commission (ZACC) is expected to testify next.