Tuesday, 6 November 2018

HRE BUSINESSMAN LOCKED UP OVER $2M FRAUD

A HARARE businessman has appeared in a Bulawayo court and remanded in custody, for allegedly defrauding a local company of more than $2 million last year.

Onesimo Ndoro initially appeared before Bulawayo magistrate Miss Ratidzo Ringisayi last Saturday and was remanded in custody to Monday.

He was further remanded in custody to November 16, after his Monday appearance pending trial.
Also fingered in the scam is one Archibald Chiponda.


According to the State, Chiponda on November 10, 2017 misrepresented to Pump and Steel Company that they could facilitate a foreign currency allocation from the Reserve Bank of Zimbabwe to assist the company in paying for imports.

Chiponda allegedly said he had made consultations with Ndoro who indicated that there was a US$80 million facility available to assist businesses with imports. He further told Pump and Steel Company that RBZ would create a file to enable the company to benefit from the facility.

“…He then supplied the complainant with an EcoBank account number that belonged to Onesimo Ndoro, who instructed the complainant to make the deposit into the account so that they could link him to RBZ for foreign currency to be availed, since his company East Glow Trading Private Limited had a file with RBZ,” read the State’s case.

Pump and Steel made an initial deposit of $676 945, equivalent to ZAR 9 748 008. Ndoro however is said to have only made a payment amounting to $300 523, 330 to the said SA supplier – KULKONI (ITS) – SKOK Machine tool. The amount was equivalent to ZAR4 327 535 95 and converted $376 421, 067 to his own use.

After the transaction Ndoro instructed Pump and Steel to pay transactional charges of $152 312, 064 split at $50 770 to three different accounts.

Among the accounts two of them belonged to Ndoro, one being a CABS account and International Business Support Services under CBZ. The other account belongs to Chiponda under an FBC account.

On December 4, 2017 Pump and Steel made a deposit of $1 982 913 to East Glow Trading, after Ndoro had convinced the company directors that there was a $2 million facility set aside for them.
Ndoro is however said to have made a payment of $197 414 to Euro Steel and Trident Steel the alleged South African suppliers and converted the remainder of the money amounting to $1 785 508, 60 to his own use.

Pump and Steel, as a result lost $2 161 930, 27 from the scam and nothing has been recovered.
Ndoro was denied bail as he is reported to have a previous conviction of a similar nature. Chronicle

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