A local firm loses US$500 000 in suspected externalisation deal 

Source: A local firm loses US$500 000 in suspected externalisation deal – NewsDay Zimbabwe

BY DESMOND CHINGARANDE 

A-LOCAL firm Inverness Investments has lost US$500 000 cash to a South African company in a botched loan agreement deal.

This was after Brent Greyling (31) the director of the South African company Milean Investment was lured to come to Zimbabwe after he was promised a US$1.2 million loan before he was arrested at the Robert Gabriel Mugabe International Airport for fraud.

Greyling who was represented by Rungano Mahuni on Friday appeared before Harare magistrate Sharon Rakafa charged with fraud. He was remanded in custody to today for bail ruling.

Mahuni argued that the case was a loan agreement between two parties and must be dealt with as a civil matter, and not a criminal matter.

He said his client, Greyling was initially given US$200 000 to operate his business in South Africa

Mahuni said the terms of the agreement were that he should pay back US$12 000 on a monthly basis, which he has already done.

He further said the other loan of US$500 000 was not yet fully paid, adding that the release of his client from custody will assist him to pay back the balance.

But the State represented by Tapiwanashe Zvidzai opposed the application, saying that Greyling will abscond if given bail because he has no place to stay in Zimbabwe.

Rakafa postponed the ruling to today.

Allegations were that on May 21 last year, Greyling entered into an agreement for a US$200 000 loan with Inverness Investments which was represented by Henry Masekesa.

The agreement stated that Greyling will pay a monthly interest of 6%, which translated to US$12 000 per month.

After three months, he was supposed to have returned the initial US$200 000 loan, but after three months lapsed, Greyling failed to return the initial amount borrowed.

On July 3, 2021, Greyling allegedly entered into another loan agreement to the tune of US$500 000 where he was supposed to pay a monthly interest of 15%, translating to US$75 000 for a period of six months.

He allegedly sent his representative Benard Munashe Papalika to collect the money on his behalf.

Papalika used Joachim Chivayo to wire the money into Greyling’s South African FNB account number 62784080352.  The accused acknowledged receipt of the money.

After three months, Greyling managed to pay back the interest, and there is proof of payments.  However, he failed to pay back the initial US$500 000 given to him.

After several months of convincing him to pay back the loan, the complainant then decided to lure Greyling to Zimbabwe by offering him another US$1, 2 million loan.

He then flew into Zimbabwe to get the loan but was immediately arrested upon arrival.

Greyling prejudiced the complainant of US$500 000.  Nothing was recovered.

COMMENTS

WORDPRESS: 2
  • comment-avatar
    Marange Son 4 months ago

    How was this transaction authorized by Reserve Bank. It’s loan agreement . I do understand how the police are involved. The Zimbabwean partners are the one who broke the law . Corruptly using the police to enforce chimbadzo

  • comment-avatar
    Dr Ace Mukadota PhD 4 months ago

    ZW friend lends USD to an RSA friend and RSA friend repays the loan in SWotzerland and they are both happy comrades.
    Exchange control established in 1961 has since that day failed in itself. It should be abolished for the free market rate to be the real rate.