Businessman Genius "Ginimbi" Kadungure was yesterday granted $10 000 bail by High Court Judge Justice Erica Ndewere after spending two weeks in remand prison.
Kadungure was represented by Advocate Sylvester Hashiti and Mr Keith Kachambwa of Venturas and Samukange Legal Practitioners while prosecutor Fortunate Kachidza appeared for the State.
Justice Ndewere ordered Kadungure to reside at his house in Domboshava, surrender the title deeds of his Borrowdale house and his passport to the Clerk of Court.
He was forbidden from interfering with State witnesses and must report to the police once every two weeks on Fridays.
Kadungure appealed to the High Court after Harare magistrate Mr Chrispen Mberewere had denied him bail. He is facing fraud charges for allegedly undervaluing excise duty for a Bentley Continental GT to the Zimbabwe Revenue Authority (Zimra).
He paid US$81 000 instead of US$139 665, allegedly prejudicing Zimra of US$58 665.
High Court Judge Justice Webster Chinamora subsequently ordered Kadungure to pay an additional US$58 000 which he agreed to pay.
Meanwhile, Kadungure faces trial in another case expected to start on February 28 at the Harare Magistrates Court. Allegations are that Kadungure and his company declared to Zimra that they made total sales of $3 194 329,47, including VAT, yet they had made $24 187 026, prejudicing Zimra of $2 512 149 in VAT.
He is charged in his personal capacity for failing to submit documents about his income to the Commissioner of Taxes from January 2010 to December 2015 as required by the Income Tax Act.