News / National
Businessman in court for stealing company
31 May 2017 at 06:54hrs | Views
A 29-YEAR-OLD Harare businessman is alleged to have fraudulently acquired company documents, thereby changing ownership of a local firm, Norwich Trading Company (Pvt) Ltd, and registering it together with its properties into his name.
Nathan Mnaba on Monday appeared at the Harare Magistrates' Court charged with fraud, but his trial did not commence after he applied for an exception to the charge, arguing the facts contained in the State outline did not disclose an offence.
Regional magistrate Elijah Makomo postponed the matter to Monday next week for his determination on the application.
According to the State case, on October 10, 2011, the complainant in the matter, Nighert Parween Savania, allegedly entered into an agreement of sale of shares for Norwich Trading Company with Mnaba.
It is alleged the total purchase price of the said shares was pegged at $380 000 for 100 shares and the terms of the agreement were that an initial sum of $250 000 was to be paid on January 6, 2012, while the balance of $130 000 would be paid on or before August 2012.
However, Mnaba reportedly failed to pay the balance as agreed, prompting the complainant to engage her lawyers to resolve the issue.
The State alleges sometime in September 2012, the agreement of the sale of shares was eventually cancelled by Messrs Samukange and Partners Legal Practitioners, who were acting on behalf of Savania.
On October 29, 2014, Mnaba is alleged to have proceeded to forge the annual company returns document and a special resolution purporting that Savania had surrendered her issued share capital in Mnaba's favour and other documents indicating that the Norwich director, the late Mahendra-Kumar Jivan, had resigned.
The State alleges Mnaba did that despite knowing it was false and that Jivan had actually died on October 9, 2010.
After falsifying the documents, it is alleged Mnaba then proceeded to lodge the fake papers with the Registrar of Companies, misrepresenting that they were genuine documents.
The State also alleged that sometime in 2014, Mnaba, well-knowing that he had breached the terms of the agreement of sale for shares in Norwich Trading and had not acquired any shareholding, misrepresented to the Registrar of Deeds Office that he had lost the original title deeds, thereby applying for a replacement.
When Mnaba made the application, the State alleged he knew well that the original title deed was in Savania's possession, but after obtaining the title deed, he went on to mortgage Savania's house in Greystone Park with the Stanbic Bank, where he acquired a $138 500 loan.
The State alleges Savania suffered a $518 500 prejudice.
Nathan Mnaba on Monday appeared at the Harare Magistrates' Court charged with fraud, but his trial did not commence after he applied for an exception to the charge, arguing the facts contained in the State outline did not disclose an offence.
Regional magistrate Elijah Makomo postponed the matter to Monday next week for his determination on the application.
According to the State case, on October 10, 2011, the complainant in the matter, Nighert Parween Savania, allegedly entered into an agreement of sale of shares for Norwich Trading Company with Mnaba.
It is alleged the total purchase price of the said shares was pegged at $380 000 for 100 shares and the terms of the agreement were that an initial sum of $250 000 was to be paid on January 6, 2012, while the balance of $130 000 would be paid on or before August 2012.
However, Mnaba reportedly failed to pay the balance as agreed, prompting the complainant to engage her lawyers to resolve the issue.
On October 29, 2014, Mnaba is alleged to have proceeded to forge the annual company returns document and a special resolution purporting that Savania had surrendered her issued share capital in Mnaba's favour and other documents indicating that the Norwich director, the late Mahendra-Kumar Jivan, had resigned.
The State alleges Mnaba did that despite knowing it was false and that Jivan had actually died on October 9, 2010.
After falsifying the documents, it is alleged Mnaba then proceeded to lodge the fake papers with the Registrar of Companies, misrepresenting that they were genuine documents.
The State also alleged that sometime in 2014, Mnaba, well-knowing that he had breached the terms of the agreement of sale for shares in Norwich Trading and had not acquired any shareholding, misrepresented to the Registrar of Deeds Office that he had lost the original title deeds, thereby applying for a replacement.
When Mnaba made the application, the State alleged he knew well that the original title deed was in Savania's possession, but after obtaining the title deed, he went on to mortgage Savania's house in Greystone Park with the Stanbic Bank, where he acquired a $138 500 loan.
The State alleges Savania suffered a $518 500 prejudice.
Source - newsday
