Online Reporter
Prosper Dembedza
A 50-year-old Harare businessman has appeared in court facing allegations of stealing US$142 000 from a loan he had jointly acquired with his wife for their family business.
Webster Ngwarati was charged with theft of trust property when he appeared before Harare magistrate Ms Marehwanazvo Gofa.
He was granted US$800 bail.
The complainant in the matter is Intravelvet Trading (Private) Limited, represented by Lydia Ngwarati Sotobala, Ngwarati’s wife and co-director in the business.
The company specialises in the sale of clothing, with each party owning 50 percent shares.
According to court documents, in July 2024, the couple agreed to secure a US$200 000 loan from UNTU Finance Bank to boost their business operations.
As collateral, Lydia offered three properties located in Tynwald, Kuwadzana 5, and Domboshava, as well as three trucks and two Mercedes Benz vehicles.
Ngwarati ceded three additional trucks.
The loan application was signed by both parties, and the money was deposited into the company’s bank account.
Lydia is said to have withdrawn the full amount from the account, after which US$48 000 was used to settle a previous loan, and US$10 000 was used to purchase a house.
Ngwarati was then entrusted with the remaining US$142 000, which he was supposed to use to purchase goods for the business’s retail shops.
However, it is alleged that he converted the funds to his personal use.
A police report was made by his wife, leading to his arrest.
