Ex-Assa Abloy MD Found Guilty of Fraud, Money Laundering

Former Assa Abloy Zimbabwe managing director Clive Majoni is expected to appear before the High Court in Harare for sentencing after being found guilty of fraud and money laundering involving Treasury Bills worth more than US$1.38 million.

Majoni was convicted on both charges after a full trial presided over by High Court Judge Justice Kwenda.

The charges stem from the settlement of an outstanding debt owed to Assa Abloy Zimbabwe. The court heard that Majoni’s employment with the company ended on November 4, 2020.

However, he allegedly continued to act on behalf of the firm by using its letterhead to direct the Reserve Bank of Zimbabwe to transfer Treasury Bills issued as part of the debt settlement.

On May 13, 2022, Majoni instructed the central bank to transfer the securities to a CBZ Bank account held by Chubb Security (Private) Limited, a company he had set up.

The Treasury Bills were subsequently moved to the company and sold at a 50 percent discount, raising US$690,959.

The alleged scheme was uncovered in 2025 when Assa Abloy South Africa hired investigators to trace the securities and recover the money. The matter was then reported to the Zimbabwe Anti-Corruption Commission, paving the way for Majoni’s prosecution.

Following his conviction on both counts, Majoni is now expected to return to the High Court, where he will be sentenced.