Wicknell Chivayo Pleads Not Guilty To $5,6 Million Fraud

At the start of his trial on Wednesday, Wicknell Chivayo pleaded not guilty to defrauding the Zimbabwe Power Company (ZPC) of over $5,6 million in a tender deal. He is facing charges of fraud, money laundering and breaching the Exchange Control Act.

ZPC paid $5,6 million to Intratrek Zimbabwe, in which Chivayo is a director, for pre-commencement works in the construction of a $200 million solar power plant in Gwanda. ZPC paid money to Intratrek without any advance payment bank guarantee. Once Intratrek received the money, several withdrawals were made and money moved to various accounts in personal transactions that had nothing to do with the solar project.

Shanghai Electric Power Design Institute Co. Ltd, said it had never been paid to carry out a feasibility study by Intratrek. The prosecutor said other companies that Intratrek listed as having been subcontracted either did not exist, could not be found or had signed no contract with Intratrek.

More: ZimLive.com

Wicknell ChivayoZimbabwe Power CompanyGwanda

Wicknell Chivayo a.k.a Sir Wicknell is a business person in Zimbabwe known mostly for making posts on social media about his riches. His source of wealth is not known but he has been reported to be linked to corrupt business activities and having close ties... Read More About Wicknell Chivayo

Zimbabwe Power Company (ZPC) is a state-owned power generation company in Zimbabwe mandated by government to generate electricity for the domestic market. ZPC was incorporated in 1996 as the Zimbabwe Electricity Supply Authority Holdings (ZESA) investment vehicle in the power sector and it became operational... Read More About Zimbabwe Power Company

Template:Info Box Gwanda is a Town located in Matabeleland South Province in Zimbabwe. Read More About Gwanda

Leave a Reply

Your email address will not be published.