Story by Peter Chivhima
TOBACCO Industry and Marketing Board (TIMB) chairperson Patrick Devenish and former chief executive officer Meanwell Gudu, who are facing charges of fraudulently advancing a loan facility of over US$400 000, have been released on bail.
Devenish and Gudu are accused of fraudulently advancing a loan facility of over US$400 000 to Ultime Accolade Private Limited in 2021.
Devenish was released on US$300 bail, while Gudu was freed on a US$100 bail.
This comes after the duo spent the weekend behind bars after the state opposed their application.
Devenish and Gudu were arrested last week on allegations of fraudulently advancing a loan facility of over US$400 000 to Ultime Accolade Private Limited in May 2021, without the knowledge or approval of the full TIMB board.
The two were ordered to routinely report at Marlborough Police Station and not to interfere with witnesses.
They will be back in court on the 3rd of October for routine remand.
