Marconati convicted of fraud

Source: The Herald – Breaking news.

Marconati convicted of fraud

Herald Correspondent

MARONDERA businessman Francesco Marconati has been convicted on three counts of fraud.

He appeared before Harare magistrate, Ms Ethel Chichera and will be sentenced on Monday after his lawyer applied for bail pending sentence.

The magistrate found Marconati guilty after the State proved that the businessman abused Eagle Italian Shoes’ money to pay the Zimbabwe Parks and Wildlife Management Authority for Mana Pools Safari Lodge Investments’ lease.

Magistrate Chichera found him guilty, but requested the State to submit an amount in the new local currency, Zimbabwe Gold (ZiG), since the funds were paid in the now demonetised Zimbabwe dollar.

According to the State, the accused admitted to transferring US$100 000 equivalent in the demonetised local currency.

The complainant in the case is Ms Li Song, a shareholder and director of Eagle Italian Shoes Private Limited Company.

Allegations are that on October 2 last year, Marconati transferred money amounting to $100 000 000 from Eagle Italian Company to ZimParks without the knowledge of co-shareholders.

The transaction was for lease fees payment for Ecis Investments (Private) Limited trading as Mana Pools Lodge, a company that belongs to Marconati without the knowledge and consent of the complainant.

Ms Li made a report to the police.

A First Capital Bank statement, which reflects the above transaction, was produced in court as an exhibit.

Marconati also transferred $110 921 356 from Eagle Italian Company to ZimParks on another date.

On October 25 last year, he transferred $256 586 778,22 to ZimParks.