Online Reporter
Yeukai Karengezeka-Chisepo
Court Correspondent
A CHINESE businessman has appeared in court facing allegations of misappropriating nearly US$2 million from transactions involving the sale of mining claims.
Huan Baoquan (41) appeared before Harare regional magistrate Mr Lazini Ncube, facing three counts of theft of trust property and a money laundering charge.
He was granted bail of US$1 000 following a contested bail hearing. The complainant is Chemaden Resources (Private) Limited, represented by its director and shareholder, Huang Langen.
The State alleges that in 2023, Chemaden Resources appointed Huan to represent the company’s interests in Zimbabwe and entrusted him with the disposal of several mining assets.
In the first count, prosecutors allege that Huan was authorised to sell the company’s Iron Cap mining claims in Mazowe, namely Iron Cap (Registration No. 28705BM), Iron Cap 76 (Registration No. 31916) and Iron Cap 77 (Registration No. 31917).
On January 25, 2025, acting on behalf of Chemaden Resources, Huan allegedly entered into a sale agreement with Premier Tobacco Auction Floors (Private) Limited for the claims.
The State alleges that he received US$994 000 on behalf of the company but failed to remit the funds and instead converted them to his personal use.
On the second count, Huan is accused of misappropriating proceeds from the sale of the company’s Congrilla mining claims, namely Congrilla 1 (Registration No. 32060), Congrilla 2, Congrilla 3 (Registration No. 32062) and Congrilla 4 (Registration No. 32063), each comprising a 10-hectare gold reef.
The State alleges that on April 15, 2025, he entered into another agreement with Premier Tobacco Auction Floors for the sale of the claims and received US$380 000 on behalf of Chemaden Resources.
It is alleged that he again failed to remit the money and converted it to his own use.
On the third count, the State alleges that on January 19, 2026, Huan agreed with Ruyi Investments (Private) Limited for the sale of Iron Cap gold claims valued at US$4,3 million.
According to court papers, Ruyi Investments paid a total of US$2 426 000 in two instalments.
Of that amount, Huan allegedly remitted US$1,8 million to Chemaden Resources and unlawfully retained US$626 000 for personal use.
The State alleges that the complainant suffered a cumulative prejudice of approximately US$2 million, and no recoveries have been made.
