Latest News Editor's Choice

News / Local

Warrant of arrest for property developer

by Staff reporter
16 Apr 2021 at 07:44hrs | Views
HARARE property developer George Katsimberis, who is accused of duping his partner in the Madokero housing project, was yesterday issued with a warrant of arrest after he failed to attend court.

Katsimberis is being accused of fraud after he allegedly duped his business partner in an agreement to build middle and low-density houses which consist of cluster houses, single and double-storey in Madokero by using an architectural plan that was not approved by the City of Harare.

Allegations are that on April 9, 2016, Katsimberis through his company GK Investment entered into an agreement with Pokugara Properties represented by Simbarashe Kadye to consolidate six residential stands measuring 2 000 square metres for the purpose of constructing 21 cluster houses.

Katsimberis' company misrepresented to his partner that he had the capacity to build the houses at a cost of US$888 728 as his contribution to the joint venture.

Upon signing the agreement, Katsimberis would deposit with the conveyancer a bank guarantee or Old Mutual shares as security.

It is alleged after signing the agreement, Katsimberis failed to complete the cluster houses in 2017, which was the deadline.

He only constructed an incomplete model house which was condemned by council as substandard.

Katsimberis allegedly falsified architectural plans which he claimed had been approved by council.

Source - newsday