adminreconciliations and CD1 acquittals.
It is alleged that during the period extending from July 1 2009 to May 11 2010 and on 17 occasions, Madzingo raised loading slips and dispatch notes purporting that he had exported a total of 538 tonnes of cotton meal with varying prices to three South African companies.
He then converted the tonnes of cotton meal worth US$139 880 to his personal use, it is alleged.
Madzingo yesterday appeared before Mr Donald Ndirowei charged with fraud.
He was granted US$500 bail coupled with stringent conditions among them surrendering his passport, reporting twice a week to the police and not to visit Olivine Industries until the matter is finalised.
The State led by Mr Chakurira alleges that sometime in July 2009 Madzingo took advantage of his position and entered into an agreement on behalf of Olivine to supply cotton meal to three SA companies namely Grains for Africa, African Express Quality Feeds and Bester Feeds.
Madzingo allegedly quoted the said companies prices ranging from US$260 to US$305 per tonne of cotton meal.
It is alleged in pursuance of his plan, during the period extending from July 1 2009 to May 11 2010 and on 17 occasions, Madzingo raised loading slips and dispatch notes purporting that he had exported a total of 538 tonnes of cotton meal with varying prices to the three companies.
Internal investigations carried out revealed that the cotton meal in question was not sold to any of the three companies.
On all the instances Madzingo allegedly diverted the cotton meal and converted the money to his own use.
As a result Olivine suffered an actual prejudice of $139 880 and nothing was recovered.
Online Reporter