HomeNewsJudicial manager in US$260k fraud

Judicial manager in US$260k fraud



A JUDICIAL manager of Redwing Mine in Penhalonga, Mutare, who allegedly sold the exclusive mining rights of the company to three companies for US$260 000 between October and December last year, was yesterday remanded in custody to Monday next week.

The accused, Cecil Madondo (60) is the managing director of Tudor House Consultants (Pvt) Ltd. He was appointed corporate rescue practitioner of Redwing by the High Court last year before he committed the offence.

He appeared before magistrate Ngoni Nduna, who remanded him in custody to Monday for bail ruling.

Cecil Hondo Madondo (left) arrives at Harare Magistrates Court

Allegations are that in July last year, Redwing Mine in Penhalonga was placed under Madondo’s care.

It is alleged that on October 15 last year, Madondo allegedly misrepresented to the complainants Patricia Mutombgwera and Grant Chitate that he had given Probadek Investment owned by Mutombgwera exclusive mining rights in respect of Redwing Mine covering 132 gold mining blocks, eight copper mining blocks and any other mining claims belonging to Redwing Mine.

It is alleged that on the same day, Mutombgwera and Chitate acting on the misrepresentation signed a joint venture and relationship agreement with Madondo representing Redwing Mine.

On October 30, Mutombgwera and Chitate again acting on misrepresentation entered into and signed an agreement with Redwing Mining Company represented by Madondo believing that their company Probadek Investments had secured exclusive rights to invest in Redwing Mine.

It is alleged that in November both complainant and accused registered a tribute agreement with the Registrar of Deeds as an agreement. In October the complainant through Probadek paid US$60 000 cash into Madondo personal company Tudor House consultants and made capital expenditure of US$200 000.

In October, the complainants through Probadek paid US$60 000 cash into Madondo’s company Tudor House Consultants and made capital expenditure of US$200 000.

The State alleges as a result of Madondo’s actions, the complainants suffered prejudice of US$260 000 and nothing was recovered.

Follow Desmond on Twitter @DChingarande1

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