Marondera businessman Francesco Marconati has been sentenced to two years in prison after being found guilty of fraudulently removing his business partner from the directorship of Eagle Italian Shoes.
Initially, the magistrate handed down a five-year sentence, with three years suspended on the condition that he doesn’t commit a similar offense.
In his ruling, the magistrate noted that Marconati was fully aware he was bypassing proper corporate procedures when committing the offense. He emphasized that Marconati did not receive any resignation letter from his partner, Ms. Song, and that the two had been long-time business and social associates.
Mr. Donald Ndirowei, the presiding magistrate, stated that the complainant had suffered significant emotional distress and financial loss due to Marconati’s actions. He also noted that Marconati had two prior convictions, establishing him as a repeat offender. The magistrate criticized Marconati for showing a lack of respect for the country’s criminal justice system by continuing to commit similar offenses, justifying the need for a severe sentence.
Marconati was convicted of two counts of fraud. Last week, the magistrate found that he had improperly removed Ms. Song from her role as company director and secretary at Eagle Italian Shoes and Agrilink, falsifying documents to claim that both she and Agrilink had resigned. The State, represented by Mr. Anesu Chirenji, demonstrated that Marconati had submitted false information to the Registrar of Companies, falsely claiming Ms. Song’s resignation.
Mr. Ndirowei detailed how Marconati presented a fraudulent CR6 document to Ecobank and First Capital Bank on October 14, 2021, to remove Ms. Song as a company director and account signatory, replacing her with his son, Alessandro Marconati. This document was never officially filed with the Registrar.
In December 2022, Marconati repeated the act by appointing his son Alessandro as director without notifying Ms. Song or holding any required meetings. In 2023, he and his son forged a third CR6 form, appointing Kutaura Bond as an additional company director. Due to these fraudulent actions, the company lost US$6.8 million.
The State also proved that the company secretary had not been informed of these changes, and no resignation letter had been submitted by Ms. Song. “No shareholders meeting or general meeting was conducted,” said Mr. Ndirowei. “The accused is found guilty as charged.”
