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Dynamos Official Duped Of US$7 500

1 year agoTue, 16 Aug 2022 07:31:15 GMT
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Dynamos Official Duped Of US$7 500

Dynamos Football Club spokesperson Tinashe Farawo lost US$7 500 in a botched joint partnership with Steeltag Investments to purchase maize.

The matter came to light on Monday when Steeltag Investment director Terrence Madiro (40) appeared before Harare magistrate Ruth Moyo to answer to fraud charges.

Madiro was remanded in custody to 17 August for a trial date.

Prosecuting, Pardon Dziva alleged that sometime in July and August 2020, Farawo and his brother engaged Madiro to buy maize, and package it as maize meal for resale.

According to the agreement, Farawo and his brother would pay a sum of US$7 500 as initial capital within a period of two weeks.

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Court State papers also show that under the terms of the joint partnership, the money would be returned, and the profit would be re-invested into the business.

The partners agreed to share the proceeds as profit at 50% for the initial six months.

Farawo sent a total of US$7 500 through World Remit since he was outside the country.

Three months after the deal the project never materialised with Madiro keeping on giving excuses and empty promises.

Farawo, who is also the Zimbabwe National Parks and Wildlife Management Authority (ZimParks) spokesperson, reported the matter to the police leading to Madiro’s arrest.

More: NewsDay



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