Four executives allegedly accused of misappropriation of funds were suspended by the Zimbabwe Mining Development Corporation. These include the Chief Executive and General Manager Dominic Mubayiwa, the Finance Director Robert Karemba, Group Technical Manager Albert Chitambo and Corporate Secretary Tichaona Muhonde.
The company executives are supposed to have siphoned off U.S.$40 million in gold and diamond proceeds. The theft of funds took place under the pretext of setting up a diamond mining venture in the Marange field in east Zimbabwe.
The Chairman of the ZMDC Goodwills Masimirembwa declined to make any comments on the issue under investigation. The three story mansion built by Mubayiwa at number 33 Hillview Road in Philadelphia, Borrowdale is what began the sparks of the misuse of funds allegations.
In a move to booster awareness of blood diamonds the Rapaport World Diamond Trading Group has decided to ban the stones from Zimbabwe. Kimberley Process officials did not immediately respond to an e-mail seeking comment on the move by Rapaport, which has 10,000 members.