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Tables turned on Pakistani national who lost $198,000
03 Feb 2016 at 05:16hrs | Views
In a new twist, a Pakistan national who lost $198 000 to his son-in-law after he had been made a signatory to a company he jointly owns with three others, has been arrested on allegations of swindling his co-directors of more than $600 000.
Iqbal Mahammad (67), who is based in Pakistan and is a former director with Zimbabwe Moulders (Pvt) Ltd - a steel manufacturing company, is said to have converted $670 825 which was meant for the company to his personal use.
Mahammad appeared before Mr Elijah Makomo facing theft of trust property charges. He was remanded to February 15 on $1 000 bail coupled with stringent conditions. As part of his bail conditions, Mahammad was ordered to surrender his passport and to report thrice a week to CID Serious Frauds.
He is being represented by Mr Patrick Nyeperayi of Costa Madzonga Legal Practitioners. According to the State papers, Zimbabwe Moulders (Pvt) Ltd had three shareholders who were the directors, namely Mahammad, Shahid Mahmood and Abdul Rashid Mahamed.
Prosecutor Mr Sebastian Mutizirwa alleged that sometime between April and October 2012, Zimbabwe Moulders (Pvt) Ltd exported 2 226 metric tonnes of raw steel to Rehman Brothers in Pakistan. The consignment was exported on different dates and had an export value of $1 118 432,50, the State alleged. It is the State's case that Mahammad, who was in Zimbabwe at the time, went to Pakistan to make sure that the whole consignment had been delivered to Rehman Brothers.
The payment for the steel was to be deposited into the company's bank account held at Stanbic Bank within 90 days. The State further alleged that Rehman Brothers received only 778 metric tonnes and paid $447 609 into Stanbic Bank.
The offence came to light when Shahid Mahmood, who is the complainant in this case, made a follow-up with Rehman Brothers for the balance.
Rehman Brothers advised him that they did not owe him anything since they had paid for what they had received. Mahmood realised that Mahammad had diverted 1 447,55 metric tonnes of raw steel and sold it to a steel complex which had already paid the money to him. Zimbabwe Moulders (Pvt) Ltd allegedly lost $670 825 and nothing was recovered.
Iqbal Mahammad (67), who is based in Pakistan and is a former director with Zimbabwe Moulders (Pvt) Ltd - a steel manufacturing company, is said to have converted $670 825 which was meant for the company to his personal use.
Mahammad appeared before Mr Elijah Makomo facing theft of trust property charges. He was remanded to February 15 on $1 000 bail coupled with stringent conditions. As part of his bail conditions, Mahammad was ordered to surrender his passport and to report thrice a week to CID Serious Frauds.
He is being represented by Mr Patrick Nyeperayi of Costa Madzonga Legal Practitioners. According to the State papers, Zimbabwe Moulders (Pvt) Ltd had three shareholders who were the directors, namely Mahammad, Shahid Mahmood and Abdul Rashid Mahamed.
Prosecutor Mr Sebastian Mutizirwa alleged that sometime between April and October 2012, Zimbabwe Moulders (Pvt) Ltd exported 2 226 metric tonnes of raw steel to Rehman Brothers in Pakistan. The consignment was exported on different dates and had an export value of $1 118 432,50, the State alleged. It is the State's case that Mahammad, who was in Zimbabwe at the time, went to Pakistan to make sure that the whole consignment had been delivered to Rehman Brothers.
The payment for the steel was to be deposited into the company's bank account held at Stanbic Bank within 90 days. The State further alleged that Rehman Brothers received only 778 metric tonnes and paid $447 609 into Stanbic Bank.
The offence came to light when Shahid Mahmood, who is the complainant in this case, made a follow-up with Rehman Brothers for the balance.
Rehman Brothers advised him that they did not owe him anything since they had paid for what they had received. Mahmood realised that Mahammad had diverted 1 447,55 metric tonnes of raw steel and sold it to a steel complex which had already paid the money to him. Zimbabwe Moulders (Pvt) Ltd allegedly lost $670 825 and nothing was recovered.
Source - The herald
