Breaking News

Former Hwange Colliery boss arrested for fraud

by Staff Reporter
27 February 2013 | 4994 Views
Former Hwange Colliery Company managing director Fred Moyo allegedly swindled a local gold mining firm of US$2, 7 million in a business deal.

Moyo's firm, Gold Recovery Pvt Limited allegedly entered into an agreement with shareholders

of Ox-mining Pvt Ltd to take over the mine after making part payment of the agreed figure.

Moyo (56) and his alleged accomplice Paul Diamond, who is still at large, allegedly misrepresented to ZB Bank officials that they had been authorised by Ox-mining to apply for a US$2 million loan which was approved.

They also reportedly secured a US$700 000 loan from Stanbic Bank after misrepresenting themselves as Ox-mining directors.

Moyo yesterday appeared before Harare magistrate Mr Donald Ndirowei facing fraud charges.

He was remanded to March 13 on US$1 000 bail coupled with stringent conditions.

As part of the bail conditions, Moyo was ordered to surrender his passport and to report once a week at CID serious frauds.

He is also required to continue residing at his given address and not to interfere with witnesses until the matter is finalised.

Prosecutor Mr Tungamirai Chakurira alleges that Gold Recovery Group paid US$850 000 before the signing of the agreement to secure the option.

Moyo's company allegedly promised to pay an outstanding balance of US$1 693 905 before the expiry of June 20 2011 deadline in terms of the agreement but failed.

It is the State's case that on July 1, Gold Recovery Group failed to close the sale.

While Sidney Aubrey Steyn, Gary Denavana O'Neil and Robert Geldenhuys were still the directors of Ox-mining, it is alleged Moyo and Diamond misrepresented to ZB bank that they had been authorised by Ox-mining to apply for US$2 000 000 on their behalf.

The application was approved and they received the money without the knowledge of Ox-mining directors.

In November the same year, Moyo paid part of the outstanding balance of purchase to Ox-mining and was left with US$348 000 balance.




Moyo allegedly used the share sale and purchase agreement which had not been fulfilled to effect the change of directorship from the complainants into Diamond and Moyo's names.

On August 30 last year Moyo and Diamond are alleged to have gone to Stanbic Bank and purported to be directors of Ox-mining and borrowed US$700 000 using the same assets which they used to secure a loan from ZB Bank.


Hwange Colliery

Source: TH

Does Prophet Magaya's anointing oil work?

Yes
15.56%
No
75.56%
Spiritual matters
8.89%
45

Comments

News Updates

Email:

Latest News

ZRP warns anyone harbouring criminals - The Zimbabwe Republic Police i...

by Staff Reporter | 31 January 2015 | 1199 Views

Mugabe elected AU chairman 'against all odds', but will he last the ye...

by Wilbert Mukori | 31 January 2015 | 1115 Views

When 'THEY' tell us Africans are stupid, we cringe - When we are told ...

by Nomazulu Thata | 31 January 2015 | 1151 Views

Is AU condoning genocide? - Matabeleland Liberation Organisation (MLO)...

by Israel Dube | 31 January 2015 | 679 Views

Sadly, when Africa yearned for true leadership of the continent, it go...

by Silveria Margolis | 31 January 2015 | 835 Views

Men dig with bare hands, rescue toddler completely buried under rubble...

by Staff Reporter | 31 January 2015 | 2402 Views

Simba Mhere, Top Billing presenter, killed in car accident - SABC's we...

by Staff reporter | 31 January 2015 | 4497 Views

'Magical' snakes invade family home - A family from Mhinga Village, ou...

by Staff reporter | 31 January 2015 | 3881 Views

Dead woman 'gets revenge' on little sister who stole her husband - A w...

by Staff reporter | 31 January 2015 | 4729 Views

Former MDC Spokesperson Khumbulani Malinga Joins Zanu-PF - Former Wels...

by Staff reporter | 31 January 2015 | 2312 Views

Hold your horses! It's not Morgan Tsvangirai only - What a people, Zi...

by Shingirai Huni | 31 January 2015 | 2620 Views

Zimbabwean politicians out of touch with global reality - News coming ...

by Tinotenda Panashe | 31 January 2015 | 983 Views

Robert Mugabe defies gravity again

by Nathaniel Manheru | 31 January 2015 | 2245 Views

Prophet Makandiwa donates to former school

by Staff reporter | 31 January 2015 | 1162 Views

'Mutasa hearing on with or without him'

by Staff reporter | 31 January 2015 | 1337 Views

Another Baba Jukwa emerges, Zanu-PF war gets nastier

by Staff reporter | 31 January 2015 | 3977 Views

Policeman fined $500 for $30 fraud - A DETECTIVE with 24 years  e...

by Thandeka Moyo | 31 January 2015 | 1097 Views

Boy commits suicide over girlfriend ban - A FORM 4 pupil at Tahangana ...

by Sukulwenkosi Dube | 31 January 2015 | 1613 Views

Methembe Ndlovu ordered to pay $1,000 maintenance - FORMER Highlanders...

by Mashudu Netsianda | 31 January 2015 | 1763 Views

'Zimbabweans safe from current SA xenophobic attacks' - NO Zimbabweans...

by Thupeyo Muleya | 31 January 2015 | 1121 Views

Duty free vehicles for councillors on the cards - LOCAL Government, Pu...

by Pamela Shumba | 31 January 2015 | 984 Views

Lawyer's application for discharge rejected - A Bulawayo magistrate ye...

by Thandeka Moyo | 31 January 2015 | 772 Views

Cops appear in court for rape - Two police officers who allegedly too...

by Nokusa Masuku | 31 January 2015 | 1176 Views

'Cheating wife' killer jailed - A HIGH Court judge yesterday said a ma...

by Mashudu Netsianda | 31 January 2015 | 1075 Views

Mphoko meets former mayors, deputies for Bulawayo's revival - VICE Pre...

by Nduduzo Tshuma | 31 January 2015 | 1095 Views

NetOne buys lucrative frequency from ZBC for $200 million - NetOne has...

by Zvamaida Murwira | 31 January 2015 | 998 Views

'Afcon deployment aboveboard,' says Sekeramyi - President Mugabe did n...

by Zvamaida Murwira | 31 January 2015 | 903 Views

Mnangagwa wants Zimbabwe to relax investment laws - Zanu-PF candidate ...

by Lovemore Mataire | 31 January 2015 | 1110 Views

Delta reduces Coca-Cola prices - Delta Beverages, the bottling partner...

by Staff reporter | 31 January 2015 | 2915 Views

Drama as man protests against ruling - MUTARE Civil Court was brought ...

by Tendai Gukutikwa | 31 January 2015 | 3664 Views

Entertainment

Musician praises Grace Mugabe, blasts Gamatox - ZIMDANCEHALL chanter ...

by Staff Reporter | 31 January 2015 | 1220 Views

Nama awards nominees - Full list - A lot has been said about the Natio...

by Staff reporter | 30 January 2015 | 1244 Views

Munya Mataruse Joins Tuku on US Tour - Upcoming Pakare Paye Arts Centr...

by Entertainment Reporter | 30 January 2015 | 1336 Views

Mugabe, Mujuru at Harare Gallery

by A.A.V. Amasi | 28 January 2015 | 5752 Views

Prof Jonathan Moyo says 'Zimbabwe to meet digitisation deadline in Jun...

by Farirai Machivenyika | 27 January 2015 | 2502 Views

DJ stabbed by lover - A MATSHOBANE suburb disk jockey (29) got more t...

by Staff reporter | 27 January 2015 | 5163 Views

Bulawayo movie Qiniso out in February - THE much anticipated movie, Qi...

by Showbiz Reporter | 26 January 2015 | 2420 Views

Where is omasiganda music now?

by Fred Zindi | 26 January 2015 | 2601 Views
iBlog

Rules Or Relationship

The dog does not need a lead to go for a walk. its owner can just speak a word and the dog responds. now, we are not comparing ourselves to dogs, we are comparing performance-based christian living to relationship-based christian living. big, big ... Read More
LindaDiokpa 30 December 2014 ago

Is Pregnancy Putting Your Sexual Life On Pause?

it is often believed that once you become pregnant there is no way that you can have sexual intercourse until that baby is born, which results in placing a strong hold on different couples sex lives. in this article we are going to focus on how yo... Read More
adoniadennis 08 December 2014 ago