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Forensic experts have since been called in to investigate the suspected fraud. Sources revealed last week that the auditors swooped on Noczim’s head office in Harare on Wednesday to carry out preliminary checks.
The details gathered so far could not be immediately ascertained, but sources said the probe – led by foreign auditors – would be conducted over two months.

“The auditors moved in on Wednesday morning and are already carrying out investigations,” said a source. According to information at hand, Noczim is supposed to periodically remit taxes to Zimra but failed to do so for almost a year. Preliminary checks are said to have set the outstanding payments at a cumulative US$35 million.
However, it is alleged, the money, which had been set-aside, could now not be accounted for. The alleged fraud was discovered early this year.

It is understood the Ministry of Energy and Power Development immediately ordered an investigation with former minister Engineer Elias Mudzuri being the first to “demand explanations”.
His successor, Mr Elton Mangoma and Finance Minister Mr Tendai Biti later proposed a full-scale forensic audit and commissioned the Comptroller and Auditor-General’s Department to handle the task.
However, the department had to rope in a private auditing firm with the requisite expertise. Foreign forensic experts are believed to be part of the auditing team. Minister Mangoma yesterday said there was suspicion that Noczim could have diverted the money on question to other purposes. He said the audit would cover the period between February last year and March this year.
“It is true that some money was used up at the parastatal. The money belonged to Zimra but disappeared; it went missing,” he said.

“When questions were asked, no one could give satisfactory responses. I am not really sure about the specifics (of the audit).
“However, what I can say is that we are waiting for the audit results.”

Noczim acting chief executive officer Mrs Tendai Mangezi could not be reached for comment by late yesterday afternoon.
However, insiders hit out at the minister, saying the investigation was a “witch-hunt”.
They said the parastatal’s operations were above board.
“This is nothing more than a witch-hunt,” said an insider.

“We are in fact aware that they are spending a huge some of money on the audit and interestingly, the Ministry of Finance is footing the bill.
“Noczim normally conducts internal audits which are up-to-date by any standards.

“For one to then go out of their way to hire auditors shows a clear motive. Whichever way one looks at it, this ‘probe’ is linked to what happened in May.”
In May this year, Noczim was again accused of failing to remit about US$150 million to Zimra after collecting tax from oil companies.
It was accused of using the money to settle some of its debts.

Two senior managers were suspended “for failing to advise the Noczim leadership” on its debt-settlement programme.