HARARE – The Grain Marketing Board (GMB) Pension Fund lost over $1 million to a Harare businessman after buying state-owned land from him, a court heard.
Korbs Korbie Mutandiro, 59, the director of Organs Resources Pvt Ltd, appeared before Harare magistrate Rumbidzai Mugwagwa on Friday facing fraud allegations.
Mutandiro was released on $500 bail coupled with reporting conditions.
Sebastin Mutizirwa, prosecuting, said sometime in the late 1990s the government embarked on a 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 percent 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, allegedly hatched a plan to defraud the fund.
They entered into a fraudulent agreement of the 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 Mutandiro was the sole signatory. As a result, GMB pension fund suffered a prejudice of $1 million and a potential prejudice of $2,5 million.
Mutandiro was remanded to September 11.
