News / National
Man in court for swindling GMB $1m in botched deal
13 Jul 2018 at 07:29hrs | Views
A DIRECTOR of Organs Resources Company, Korbs Korbie Mutandiro yesterday appeared before a Harare magistrate facing allegations of swindling the Grain Marketing Board (GMB) of over $1 million and a potential $2,5 million in a botched land deal.
Mutandiro (59) was not asked to plead when he appeared before magistrate Milton Serima, who remanded him to August 17 on $500 bail.
According to the State, the government acquired Romary Farm in Harare measuring 197,37 hectares. Following the acquisition, the State alleges on July 7, 2002, Mutandiro fraudulently acquired 51% shares in Romary Farm (Pvt) Ltd from the previous owner David John Sheehan for a purported value of ZW$5 million.
The State alleges on April 30 2013, Mutandiro, acting in cahoots with GMB Pension Fund chief executive Taona Munzvandi, who is still at large, hatched a plan to defraud the fund by entering into a fraudulent agreement of sale for the sale of the farm to GMB for $2,5 million.
It is alleged, while acting on the misrepresentation, GMB transferred $1 040 000 into Organs Resources bank account. When Mutandiro sold the farm, he allegedly knew that the farm was State land acquired during the land reform programme.
As a result of Mutandiro's actions, the GMB Pension Fund suffered a potential prejudice of $2,5 million and an actual prejudice of $1 040 000 and nothing was recovered.
Linda Gadzikwa appeared for the State.
Mutandiro (59) was not asked to plead when he appeared before magistrate Milton Serima, who remanded him to August 17 on $500 bail.
According to the State, the government acquired Romary Farm in Harare measuring 197,37 hectares. Following the acquisition, the State alleges on July 7, 2002, Mutandiro fraudulently acquired 51% shares in Romary Farm (Pvt) Ltd from the previous owner David John Sheehan for a purported value of ZW$5 million.
It is alleged, while acting on the misrepresentation, GMB transferred $1 040 000 into Organs Resources bank account. When Mutandiro sold the farm, he allegedly knew that the farm was State land acquired during the land reform programme.
As a result of Mutandiro's actions, the GMB Pension Fund suffered a potential prejudice of $2,5 million and an actual prejudice of $1 040 000 and nothing was recovered.
Linda Gadzikwa appeared for the State.
Source - newsday
