Two businessmen duped US$1,5m property

Source: Two businessmen duped US$1,5m property –Newsday Zimbabwe

Watyoka and Muponda are directors and shareholders of Theright Investments (Pvt) Ltd.

BUSINESSMEN Nyasha Watyoka and Gilbert Muponda lost a property valued at US$1,5 million after a suspected fraudster changed their company registry papers and sold the company’s residential property as his.

The accused, Martin Murimirambeva appeared last week before Harare magistrate Stanford Mambanje on summons. He was remanded to March 13 for trial.

Watyoka and Muponda are directors and shareholders of Theright Investments (Pvt) Ltd.

It is the State’s case that sometime in 2003 Watyoka and Muponda acquired a company named Theright Investment (Pvt) Ltd, which owned a property at number 9064 Belgravia, Harare.

The two became the sole shareholders of the company and they registered themselves as directors of the company.

It is alleged that on December 10, 2020 the accused person together with his accomplice Leno Be Villiers, who is still at large, fraudulently registered themselves as directors of Theright Investments (Pvt) Ltd after misrepresenting facts to the registrar of companies that Watyoka and Muponda had resigned.

The accused persons went on to fraudulently sell the company’s property known as stand number 9064 Belgravia, Harare to a company named Kunzekwayedza (Pvt) Ltd at an alleged price of $6 625 000 which was way below the actual market value of the property.

The complainants later discovered the offence and reported the matter to the Chief Registrar of Deeds and Companies who instituted internal investigations, which established what had happened.

The businessmen reported the case to the police leading to the arrest of the accused person.

The total value of the potential prejudice is US$1,5 million.

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