Former Zanu PF youth leader Lewis Matutu appeared in court Tuesday for allegedly stealing shares from a local company.

Matutu was arraigned before Harare Magistrate Isheanesu Matova who remanded him out of custody on free bail.

He is alleged to have conspired with Blessing, Tafadzwa Kusangaya, Muzimba, and Chikwasha Muhamba to steal shares from a company headed by Avurath Sibanda.

According to prosecutor Takudzwa Jambawu, the fraudulent activity dates back to 2018 when Matutu and his accomplices, along with others still at large, devised a plan to misappropriate shares from Shusib Investments, a mining company.

They allegedly prepared fraudulent annual returns dated April 30, 2018, which were backdated to 2014, 2016, 2017, and 2018, forging the signatures of the complainant and Lyton Shumba, falsely indicating that the complainant had signed as director and Shumba as secretary.

The fraudulent returns were reportedly filed with the Registrar of Companies, presenting false information about changes in shareholding and directorship at Shusib Investments, thereby allowing the accused parties to allocate themselves shares and become majority shareholders.

"The scheme came to light on September 30, 2024, when the complainant was notified by the Department of Parks and Wildlife that the accused had instructed the suspension of all mining operations, claiming they were entitled to sell the mining claim."

This prompted a request from the department for a meeting with a representative of Shusib Investments.

Furthermore, using the illegally obtained shares, the accused participated in an annual general meeting on November 19, 2024, where they allegedly removed the complainant from his position as director and resolved to change the company's address.

As a result of these actions, the complainant is said to have suffered a financial loss amounting to US$150,000, with no recovery of the misappropriated assets reported, according to the State's allegations.