November 18, 2021

Chinese Widow Loses Company Shares To Fraudsters

Spread the love

Patience Nhamburo

A Zimbabwean based, Chinese widow reportedly lost shares to her company which she co-owned with her late husband to fraudsters who generated fake paperwork to obtain the shares.

The court heard that Zhang Bin, a female adult who resides in Marlborough Harare, and is a shareholder in a company called Jiang Shan Civil Explosives (Pvt) Ltd company is also the surviving spouse to the now deceased Dong Liu who was the major shareholder in the company.

Zhang Bin and her late husband Dong Liu who registered their investment with the Zimbabwe Investment and Development Agency were on record as having brought capital equipment from abroad worth US$ 27 860 000, injected local assets worth U $ 510 000 and foreign injection equity worth US$ 350 000 into Jiang Shan Civil Explosives (Pvt) Ltd.

The couple hold 100% shares for Jiang Shan Civil Explosives, with the former holding 73.45% and later holding 26.55%. The 100% shareholding in the company is documented by the Government of Zimbabwe. Dong Liu did not dispose of his shares to any person before his death.

Allegations against accused Zhang Suyi Chinese, Fan Xinhua, Vengesai Mhlanga and Jianchun Wu who is still at large are that acting in connivance, they came up with a plan to steal shares at Jiang Shan Civil Explosives Pvt Ltd. The four stated accused persons distributed among themselves shares, and made such allotments of shares on CR 16 form and filed it with Registrar of Companies in company file for Jiang Shan Civil Explosives Pvt Ltd. The four also filed a CR 6 form in the same company file misrepresenting that Hao Xin had resigned from his position of company secretary for
Jiang Shan Civil Explosives Pvt Ltd and was replaced by Vengesai Mhlanga.

The appointment was done by the four accused persons in order to facilitate the filing of fraudulent CR 16 and CR 6 forms.

The accused persons then used the fraudulent crafted CR16 and CR 6 documents and submitted fraudulent resolutions and obtained an Ex parte Court Order at Chinhoyi Magistrates Court. The order gave them access and control of Jiang Shan Civil Explosives Pvt Ltd’s operational premises and full control of capital assets which on record belong to complainant Zhang Bin and her late husband Dong Liu.

Harare Magistrate Dennis Mangosi remanded the four in custody to tomorrow for bail application.

Leave a Reply

%d bloggers like this:
%d bloggers like this: