Arrest warrant issued for controversial investor


By Desmond Chingarande

A Controversial investor George Katsimberis who tried his luck in the real estate before he was unmasked and reported to the police as a fraudster has been with a warrant of arrest after he defaulted court.

Katsimberis who is being accused of fraud is represented by Tendai Biti.

The controversial builder allegedly duped his business partner in an agreement to build several middle and low density housing project which consist of cluster houses single and double story by using an architectural plan that was not approved by the City of Harare.

Katsimberis name was called three times outside the court and was not available leading to the issuance of an warrant of arrest.

Allegations were that on April 9, 2016 Katsimberis through his company GK Investment entered into an agreement with Pokugara Properties represented by Simbarashe Kadye to consolidate 6 residential stands measuring 2000 square meters for the purpose of constructing 21 cluster houses which are single and double stories.

Katsimberis through his company then misrepresented to his partner that he has the capacity to build the homes at a value of US$888 728 00 which was his contribution to the joint venture.

Upon signing the agreement Katsimberis would deposit to the conveyancer as the security in the form of bank guarantee or Old Mutual shares which he said he had for which he never did.

It is alleged after signing the agreement Katsimberis failed to meet the deadline of September 2017 to build the said cluster houses. The project did not kick-start.  He only completed a sample structure which was declared an illegal structure by the City of Harare and a demolition order was issued.

Katsimberis further misrepresented the existence of other companies which he said would be part of the joint venture.

He also forged the architectural plans and lied that City of Harare had approved them.

A report was made to the police leading to his arrest.