Mugabe Ally Arrested For $10m Theft Of Agricultural Equipment
Former Zanu-PF Member of Parliament for Muzarabani South, Edward Raradza has appeared before the court facing charges of theft of trust property worth over $10 milion.
Raradza (71) is jointly charged with Mathew Raradza (46) and Thomas Nherera (68) in a case where they are accused of stealing farming equipment worth millions of dollars from the Zimbabwe Farmers Development Company (ZFDC).
They appeared before Harare Magistrate Rumbidzai Mugwagwa and were remanded to October 30 on condition that they each pay $300 bail among other bail conditions.
It is the State’s case that that ZFDC was incorporated under the Companies Act as a limited Company on July 4 in 2005. ZFDC controlled a 55% stake in the company while Farmers World Zimbabwe (Pvt) Ltd held 45% shares.
The scope of ZFDC was to source agricultural equipment from China and sell to eligible farmers on a credit facility.
The court heard that each farmer was to make a deposit of 10% of the total amount of the equipment.
During the period extending from 2005 to 2010, ZFDC obtained agricultural equipment from China Exim Bank valued at $60 000.
Upon the receipt of the agricultural equipment, the three allegedly connived to steal equipment from ZFDC.
It is alleged that they took mining and agricultural equipment worth $9 741 286,79.
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