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4-Traders Homepage  >  Equities  >  ZIMBABWE STOCK EXCHANGE  >  Innscor Africa Limited    INN   ZW0009011298

INNSCOR AFRICA LIMITED (INN)
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Innscor Africa : Loses $47k to Employee

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08/28/2017 | 02:06pm CEST

An Innscor Africa employee, who allegedly swindled the company of raw materials worth $47 000, has appeared in court facing fraud charges. Thinkmore Mazvinde (35) appeared before Harare magistrate Ms Josephine Sande last week.

He was remanded to August 31 on $300 bail.

Mazvinde worked as an assistant stores controller at the Bakers Inn pies division.

The prosecutor Mr Sebastian Mutizirwa alleged that in June 2017, Mazvinde and his workmate Samuel Mandirangana, hatched a plan to steal raw materials from Bakers Inn.

It is alleged that between July 1 and July 29 this year, Mazvinde received 11 requisitions for raw materials from the production department.

Upon receiving the requisitions, Mazvinde inflated the figures to benefit from the excess order.

The court heard that the pair converted the remaining raw materials to their personal use.

The fraud was detected after an audit was done on August 11 this year.

The court further heard that the accountant discovered that Mazvinde only inflated figures on the top copies of the requisition forms from the production department, but did not make adjustments to the last copies of the requisitions.

A complaint was lodged with the police leading to the arrest of Mazvinde.

Innscor was represented by its loss control officer Mr Tawanda Mutema.

Copyright The Herald. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

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Financials ($)
Sales 2018 586 M
EBIT 2018 61,1 M
Net income 2018 35,3 M
Debt 2018 41,0 M
Yield 2018 1,09%
P/E ratio 2018 23,33
P/E ratio 2019 20,70
EV / Sales 2018 1,48x
EV / Sales 2019 1,35x
Capitalization 823 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 1
Average target price 0,94 $
Spread / Average Target -36%
EPS Revisions
Managers
NameTitle
Julian P. Schonken Group Chief Executive Officer & Executive Director
Addington Bexley Chikomborero Chinake Chairman
Godfrey Gwainda Group Chief Financial Officer & Executive Director
Zinona Koudounaris Non-Independent Non-Executive Director
Michael John Fowler Non-Independent Non-Executive Director
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