CFI Holdings loses $18.7m

A Budiriro man, William Tsakatsa, yesterday appeared at the Harare Magistrates' Court charged with swindling CFI Holdings Limited of $18,7 million after selling the company's stands to prospective homeseekers.

Tsakatsa is alleged to have misrepresented to the residents settled at Lot A of Rest Crest Breeders estate between November last year and June this year, that he was the owner of the estate.

Rest Crest Breeders is owned by listed stock exchange entity CFI Holdings.

Acting upon the misrepresentation, the desperate homeseekers paid different amounts to the accused (Tsakatsa) who then allocated them stands at the estate without the consent of the owner, thereby causing actual prejudice of $18,7 million.