New Zimbabwe.com

Harare businessman dragged to court over $1 million GMB fraud

By Court Reporter

A HARARE businessman has been dragged to court after he allegedly swindled the Grain Marketing Board (GMB) pension fund out of over $1 million through selling state land.

Korbs Korbie Mutandiro (59), Director of Organs Resources (Pvt) Ltd, appeared before Harare magistrate Rumbidzai Mugwagwa facing fraud allegations.

Mutandiro was released on $500 bail coupled with reporting conditions.

He will be back in court on September 11 pending his trial.

According to the state, sometime in the late 1990s, the Zimbabwe government embarked on its land reform programme which involved compulsory acquisition of land for redistribution.

Pursuant to the programme, the government, through its Gazette notice 591 of 2001, gave notice to acquire Romany Farm under deed transfer number 5411/99.

Following this acquisition of the farm and on July 7 2002, Mutandiro fraudulently acquired 51% shares in Romany Farm (Pvt) Ltd from the previous owner, one David John Sheehan, for a purported price of $5 million.

On April 30 2013, Mutandiro, acting in connivance with GMB Pension fund chief executive officer Taona Munzvadi who is still at large, hatched a plan to defraud the fund.

They entered into a fraudulent agreement of sale of the said farm to GMB pension fund for $2, 5 million well knowing the land had been acquired by the state.

Acting upon the misrepresentation GMB pension fund paid $1 million into Organs Resources Pvt Ltd bank account where the accused was the sole signatory.

Resultantly GMB pension fund suffered a prejudice of $41 million and a potential prejudice of $2,5 million.

Sebastian Mutizirwa prosecuted.