Commodity broking company loses $240k in botched deal

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A LOCAL company in the business of commodity broking allegedly lost $240 000 to a local business following a botched deal, court heard this week.
Webuyanycar Pvt Ltd is represented by its director Mudyiwa Elisha Ndewere against Famous Brands’s director Justin Chikwavira, 35.
According to the state, during the commission of the crime Chikwavira was also employed as a sales manager by White Pellicans Pvt Ltd.
Court heard that sometime in 2014, White Pellicans Pvt Ltd won a tender to supply Tongaat Hullet Pvt Ltd with industrial safety shoes.
However White Pelicans Pvt Ltd had no capital to purchase the required shoes.
As a result, the accused and a co-director in Famous Brands Company, approached the complainant through Rumbidzai Ndewere who worked for Webuyanycar Pvt Ltd and is already on remand.
They requested financial assistance amounting to $240 000 to purchase safety shoes.
They then entered into an agreement with Byan Jonathan Chimbira who worked for the complainant. He is also already on remand.
It is state’s case that they agreed that the sponsor would pay the money and profits would be shared equally.
The complainant released the money for the project.
In 2015, Chikwavira and his accomplices opened a bank account in the name of their company with Ecobank.
They then misled Tongaat Hullets Pvt Ltd into believing that the complainant had agreed that all the payments should be directed into their bank account.’
They then made Ndewere a signatory to their account and as a result of their misrepresentation, Tongaat Hullet Pvt Ltd paid $140 000 into their account.
They converted the money to personal use.
The complainant who was expecting a bank transfer from Tongaat Hullet Pvt Ltd requested for a bank statement and realised that nothing had been deposited in his account.
He then filed a report after he realised that he had been duped by the trio.
Chimbira was arrested and he implicated his accomplices.