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. Newsday
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