Former Reserve Bank of Zimbabwe Governor Dr. Gideon Gono appeared as a witness this week at the Harare Magistrates’ Court, presided over by Magistrate Stanford Mambanje. He testified in a fraud case involving Clark and Beverly Makoni, who are accused of fraudulently seizing control of his company, Valley Lodge, valued at ZWL172 million.
Dr. Gono detailed how he entrusted the Makonis with managing his family’s real estate portfolio starting in 2016, including Valley Lodge in Mutare from 2017. He alleged that the couple manipulated company documents and court processes to block him and his employees from accessing the property and misappropriated funds through unauthorized bank withdrawals disguised as salary payments. He estimated his financial loss at around US$100,000 and described the situation as distressing, especially as a pensioner relying on these investments for income.
The case was postponed to July 11, 2025, when an investigating officer from the Zimbabwe Anti-Corruption Commission (ZACC) is expected to testify next.
Here is a timeline summarizing the key events in the fraud case involving former Reserve Bank of Zimbabwe Governor Dr. Gideon Gono and the accused couple Clark and Beverly Makoni:
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October 30, 2009: Costick Investments (Pvt) Ltd sold all its shares in Lizack and Valley Lodge to Galwex Investments (Pvt) Ltd, owned by the Omar family.
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2016: Dr. Gideon Gono was introduced to Clark and Beverly Makoni by his children to manage his family’s real estate portfolio.
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July 2017: Gono engaged the Makonis to manage Valley Lodge in Mutare and other properties. The agreement was verbal with no documentary evidence.
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2017-2024: The Makonis allegedly forged a CR14 form to appoint themselves as directors of Valley Lodge without Gono’s or the legitimate owners’ consent. They also allegedly misappropriated funds by changing bank signatories and withdrawing money disguised as salary payments, causing Gono a financial loss estimated at ZWL137 million (about US$100,000).
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January 2024: Clark Makoni approached Gono to propose an out-of-court settlement of US$50,000, which Gono initially accepted but Beverly Makoni later refused to sign.
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2024-2025: The Makonis were arrested twice over the allegations, with investigations by the Zimbabwe Anti-Corruption Commission (ZACC) and Zimbabwe Republic Police (ZRP).
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February 2025: A key witness, Ayoob Omar (previous owner of Valley Lodge), testified that he had no grievances against the Makonis and was unaware of any fraud, casting doubt on the prosecution’s case.
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May 12, 2025: The court rejected the State’s attempt to tender new documents after the trial had started.
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June 13, 2025: Dr. Gideon Gono was scheduled to appear as the key witness in the fraud trial.
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July 4, 2025: Dr. Gono testified before Magistrate Stanford Mambanje at Harare Magistrates’ Court, detailing the alleged fraudulent takeover of Valley Lodge by the Makonis. He admitted some memory lapses due to age but described the case as distressing.
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July 11, 2025: The case was postponed to this date for the Zimbabwe Anti-Corruption Commission investigating officer Eric Chacha to testify next.
