Online Reporter
Zvikomborero Parafini
A CHINESE businessman was yesterday remanded in custody for allegedly duping his Zimbabwean business partner of equipment worth US$370,000.
Yao Zhao, 29, was not asked to plead when he appeared before Harare regional magistrate Marewanazvo Gofa who remanded him in custody to today for the continuation of his bail hearing.
The complainant is Myles Karuma, the co director of Sabricorp Trading (Pvt) Ltd.
Zhao is also a director of the company.
The court heard that in November 2023, Zhao approached Karuma and requested to engage in a joint venture business in which they would import excavators from China for re-sale.
Karuma joined forces with him and formed a company namely SABRICORP Trading (Pvt) Ltd.
Thereafter, the two imported four 22 tonne excavators and four 38 tonne excavators using the company’s name.
Upon arrival in Zimbabwe, Zhao allegedly diverted the excavators and converted them to his own use, depriving the company and his co-director.
Karuma realised that he had been duped and filed a police report leading to Zhao’s arrest. Karuma suffered a total prejudice of US$370,000 and nothing was recovered.
