Breaking News

Former Hwange Colliery boss arrested for fraud

by Staff Reporter
27 February 2013 | 4571 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

Should airtime and street vendors pay the $1 a day State levy?

Yes
11.26%
No
82.58%
Desperation
6.16%
844

Comments

News Updates

Email:

Latest News

Masomere send a bold message to Dynamos - NEW How Mine coach Luke "Vah...

by Paul Mundandi | 30 August 2014 | 772 Views

Bosso players meet fans

by Ricky Zililo | 30 August 2014 | 1063 Views

Zimbabwe tops on child marriages - Zimbabwe is among top countries in ...

by Staff reporter | 30 August 2014 | 1048 Views

Limpopo Bridge toll fees increased - Motorists travelling to South Afr...

by Staff reporter | 30 August 2014 | 1309 Views

4,000 Zimbabweans languish in SA prisons - Close to 4 000 Zimbabweans ...

by Staff reporter | 30 August 2014 | 1702 Views

Man loses tooth in fight over dirty pots - A FIGTREE man has been sent...

by Sukulwenkosi Dube | 30 August 2014 | 903 Views

'Zanu-PF to honour election promises' - THE Minister of Justice, Legal...

by Nduduzo Tshuma | 30 August 2014 | 1365 Views

Bank official swindles teachers of $4 600 - SIX Harare teachers allege...

by Staff reporter | 30 August 2014 | 927 Views

Zanu-PF MP in adulterous storm - ZANU-PF legislator for Mhondoro-Ngezi...

by Prosper Dembedza | 30 August 2014 | 1180 Views

Zimbabwe MPs steal from each other - Members of Parliament are stealin...

by Staff reporter | 30 August 2014 | 781 Views

Bulawayo honours Payne - The Bulawayo City Council has given befitting...

by Staff reporter | 30 August 2014 | 528 Views

Senior Zanu-PF official up for assault - LOSING Zanu-PF candidate for ...

by Fungai Lupande | 30 August 2014 | 612 Views

Varsity student kidnaps, rapes girl, 3 - A MIDLANDS State University s...

by Timothy Makohliso | 30 August 2014 | 875 Views

Thabitha Khumalo eyes MDC-T chair post - MDC-T Bulawayo East legislato...

by Nduduzo Tshuma | 30 August 2014 | 541 Views

South Africa turns away truck drivers over Ebola - SOUTH African immig...

by Thupeyo Muleya | 30 August 2014 | 1135 Views

Zanu-PF VP fight and the Unity Accord - TRUE unity between the liberat...

by Nduduzo Tshuma | 30 August 2014 | 607 Views

Tourists in grisly find - THE skeletal remains of a Bulawayo man who w...

by Sifundiso Ndlovu | 30 August 2014 | 913 Views

MDC-T on begging spree - MDC-T is struggling to raise money for its co...

by Staff reporter | 30 August 2014 | 567 Views

Zanu-PF youth leader names, shames chefs - Zanu-PF Harare provincial Y...

by Staff reporter | 30 August 2014 | 798 Views

'No GNU, Let ZANU PF fail and die peacefully' - Zimbabweans are not in...

by Staff Reporter | 30 August 2014 | 1077 Views

Gombura's wives in trouble over indecent photos - Three wives of jail...

by Staff Reporter | 30 August 2014 | 1301 Views

More TB cases in children go untreated - THE government says many TB c...

by Staff Reporter | 30 August 2014 | 285 Views

Struggling pastor offers $15 for child upkeep

by Staff Reporter | 30 August 2014 | 815 Views

Polygamous man bashes first wife over sex

by Staff Reporter | 30 August 2014 | 1774 Views

Zanu-PF youths vows to defy bigwigs

by Staff Reporter | 30 August 2014 | 787 Views

Govt to screen Ebola suspects - Government says it will only quarantin...

by Staff Reporter | 30 August 2014 | 445 Views

Jail breakers gets 1 year extra

by Fungai Lupande | 30 August 2014 | 575 Views

Council minutes in local languages - Local authorities will soon be ex...

by Staff Reporter | 30 August 2014 | 483 Views

The ZAPU Devolution of power model explained part 2 - The ZAPU model o...

by Themba Mthethwa | 30 August 2014 | 628 Views

Entertainment

ZBC receives TV programmes from South Korea - The Korean Ambassador to...

by Staff Reporter | 29 August 2014 | 1423 Views

Roki cancels SA show

by Sophia Chese | 29 August 2014 | 1426 Views

Zimbabwe Got Talent on the cards - CHINESE Federation of Zimbabwe (CFZ...

by Staff reporter | 28 August 2014 | 1358 Views

Tuku to Deliver Inaugural Hugh Masekela Lecture

by Staff Reporter | 28 August 2014 | 1505 Views

Controversy over Bev's album - Newly-appointed Msasa Bricks Ambassador...

by Staff reporter | 27 August 2014 | 2081 Views

Viewers slam 'sub-standard' ZBCtv program - VARIOUS ZBCtv viewers have...

by Staff reporter | 27 August 2014 | 2154 Views

John Legend cancels Zimbabwe show

by Showbiz Reporter | 27 August 2014 | 4392 Views

Macheso's yet to be released album sold on Harare streets - Pirates ha...

by Staff reporter | 26 August 2014 | 3037 Views