Online Reporter
Yeukai Karengezeka
Court Correspondent
FORMER Ludham Investments (Pvt) Ltd director Ernest Matienga (74) has appeared in court facing serious fraud charges involving a purported share sale scheme totalling US$208 500.
Matienga was arraigned before Harare regional magistrate Mrs Marehwanazvo Gofa, who granted him US$250 bail.
The case stems from allegations that Matienga, despite having resigned from his position, engaged in a fraudulent transaction.
The complainant in this matter is Ludham Investments (Pvt) Ltd, represented by its director and secretary, Mr Tinashe Able Chimanikire.
In November 2024, Chimanikire discovered an article in the Financial Gazette reporting that Briolette Services (Pvt) Ltd, trading as Mont Clair Hotel and Casino, had been sold to RTG Group for US$5 million.
Given that Ludham Investments holds a 4.17 percent share in Mont Clair, Chimanikire sought clarification from fellow shareholders on the deal.
During inquiries, Matienga informed Chimanikire that a sale agreement had been executed.
This raised suspicions as Ludham Investments was neither contacted nor involved in the transaction, despite being one of 24 equal shareholders.
Further investigations revealed that Matienga had allegedly conspired with Never Mhlanga, who is currently on remand, to authorise Mhlanga to represent Ludham Investments in the sale.
When confronted, Matienga provided no satisfactory explanation for his actions and began evading communication.
The fraudulent activities resulted in a total prejudice of US$208 500, equivalent to the value of Ludham Investments’ 4.17 percent stake in the sale of Mont Clair Hotel and Casino.
As it stands, no restitution has been made.
