Online Reporter
Prosper Dembedza
Herald Correspondent
The matter for Businessman Francesco Marconati who is being accused of hatching a US$1,9 million fraudulent scheme has been remanded to February 16.
Marconati’s lawyer advocate Lewis Uriiri, told the court that he had agreed with the State that the matter be remanded to February 16 for bail application
The complainant is Yan Bo, a Chinese national, who is the alternate director of DGL5 (Pvt) Ltd.
Marconati is a former director of the same company.
Allegations are that in 2017, Marconati, Li Song, Xing Mingchang, Mark Andrew Hughes and Ke Wang formed a company named DGL5 Private Limited, which they registered in terms of the Companies and Other Business Entities Act.
The major objective of the company was to carry on the trade or business of acquiring mining claims, processing minerals, mining minerals and operating mines, or any business usually carried on in connection therewith.
DGL5 Private Limited then occupied Queens Mine through investments by its shareholders and began operations.
Prosecutors allege that on August 4, 2024, Marconati and his accomplice, Mark Andrew Hughes, who is at large, resigned from DGL5 Private Limited, leaving the company operating with the three other directors.
On December 11 last year, Marconati allegedly forged company documents of DGL5 Private Limited and re-registered DGL5 with the Registrar of Companies, appointing himself and Hughes as the sole directors of the company.
Marconati and Hughes then allotted the DGL5 company shares at a ratio of 60 and 40 percent respectively.
Marconati further appointed Marshall Mangwiro as the secretary or principal officer on December 2.
The company suffered a potential prejudice of US$1 900 000.
