By Nigel Pfunde
HARARE — The Zimbabwe Stock Exchange (ZSE) has issued an urgent public warning over the circulation of a fraudulent “Company Certificate” falsely claiming that ABC Investments Limited is a listed and authorised entity on the local bourse.
In a public notice released Thursday, the ZSE said the fake document, which carries the Exchange’s branding and purported signatures of the Chief Executive and Compliance Officer, was being used to solicit investments from members of the public.
“The Zimbabwe Stock Exchange Limited wishes to alert members of the public, investors, market participants and all stakeholders to the circulation of a fraudulent certificate purporting to have been issued by the ZSE in respect of ABC Investments Limited,” the notice read.
The ZSE categorically stated that the certificate was false and was not issued by the Exchange. It further clarified that it does not issue “Company Certificates” certifying companies as listed or authorised in the manner depicted in the circulated document.
According to the ZSE, ABC Investments Limited is not listed on the Zimbabwe Stock Exchange and has not been granted any authority to trade securities on behalf of the Exchange.
“The logos and the signatures appearing on the fraudulent certificate, purporting to be those of the Chief Executive Officer and the Compliance Officer of the ZSE, are fraudulent and/or fictitious and were not applied, authorised or endorsed by the ZSE or any of its officers,” the statement said.
The Exchange also noted a violation of Section 3 of the Armorial Bearings, Names, Uniforms and Badges Act [Chapter 10:10], after the fraudulent certificate was found bearing the Coat of Arms of the Government of Zimbabwe. The ZSE said it would be lodging a formal complaint with the Zimbabwe Republic Police.
Market analysts described the forgery as a “sophisticated scam” targeting unsuspecting retail investors at a time when confidence in the capital markets is growing.
Securities analyst Tafadzwa Matsa said such fraudulent schemes undermine investor trust and the integrity of the market.
“At a time when the ZSE is pushing financial inclusion and retail participation, this kind of forgery is dangerous. It seeks to piggyback on the credibility of the Exchange to defraud the public,” Matsa said.
Another analyst, Rumbidzai Ncube of Movers and Shakers Financial Advisory , said investors must be vigilant and always confirm a company’s listing status directly with the ZSE.
“Legitimate listed companies are public record. No genuine ZSE-listed entity will ask you to invest based on a certificate sent on WhatsApp. This is a red flag,” she said.
Stockbroker Basil Chitanda added that the incident gives rise to the need for continuous investor education.
“We commend the ZSE for acting swiftly. As brokers, we urge the public to only deal with licensed dealing members and to verify all investment opportunities,” he said.
The ZSE urged members of the public to verify the listing status of any company through its official channels before making any investment decisions. It reiterated that all 42 counters currently listed on the Exchange are published on its website and in daily market bulletins.
The Exchange warned that any person or entity using the fraudulent certificate to solicit investments is doing so without the knowledge, approval or authority of the ZSE.
