By Nigel Pfunde
HARARE – Joseph Kanyekanye (58) executive chairperson of Alliance Holdings and former long serving president of the Confederation of Zimbabwe Industries(CZI) , appeared before Harare regional magistrate Mr Musaiona Shortgame on Saturday facing a ‘hat-trick of charges namely extortion, fraud and money laundering, reports Express Mail Zim.
The court heard that the allegations relate to transactions involving Pharmaceutical and Chemical Distributors (PCD) Private Limited and the Ministry of Finance, Economic Development and Investment Promotion between March and April 2026.
Smiles in the dock: Kanyekanye faces a hat-trick of charges including extortion, fraud and money laundering
Shortgame remanded Kanyekanye in custody until Monday for a bail application.
On the first count of extortion, the State alleges that between 14 and 17 April 2026, Kanyekanye and accomplices still at large exerted illegitimate pressure on PCD to release funds not due to him. The court heard that he acted under misrepresentation that the money was for national Independence Day celebrations in Maphisa, Matabeleland South and allegedly abused the name of President Mnangagwa in the process. It is further alleged that he threatened the company with unspecified consequences if payment was not made.
As a result of the alleged pressure, PCD transferred US$663,480 from a trust account to a Jemina Capital CBZ account number 10825844540029 on 17 April 2026 that Kanye Kanye had provided.
On the second count of fraud, the State alleges that between March and 17 April 2026, Kanyekanye, acting with unidentified accomplices, forged payment instructions purporting to be from PCD and addressed to the Permanent Secretary in the Ministry of Finance. The court heard the letter falsely claimed to request the release of funds from Treasury Bills, despite the contract with PCD having ended and no authorisation from either PCD or the President’s office.
The Ministry is alleged to have processed US$1.8 million into PCD’s account based on the instructions. PCD then transferred US$884,641 to its lawyers’ trust account. The court heard that Kanyekanye allegedly presented the forged letter to both the lawyer and PCD, claiming the funds were urgently required for Independence celebrations in Maphisa. US$663,480 was subsequently transferred to the Jemina Capital CBZ account provided by Kanyekanye on 17 April 2026. The State alleges the money was not used for the stated purpose but benefited Kanyekanye and his accomplices.
On the third count of money laundering, the State alleges that between March and 17 April 2026, Kanyekanye and accomplices who are still at large, converted the US$663,480 alleged proceeds of the fraud and extortion, by transferring it to various third-party accounts to conceal its origin, nature and ownership.
Kanyekanye is a well-known figure in the business community, having served as executive chairperson of Alliance Holdings and as former president of the Confederation of Zimbabwe Industries.
The charges came as a shock to members of the business community and the corporate world, who described him as a respectable businessman with a long record in industry and commerce.
The matter will proceed on Monday for the bail application.
