ED’s Son Loses US$4 Million

President Emmerson Mnangagwa’s son, Tarirai David Mnangagwa, allegedly lost US$4 million after he was pushed out of a company which he co-founded.

The company, Hozheri Stone Crushers Private Limited, was reportedly registered on September 29, 2017, with Mnangagwa, Elizabeth Mushiringi and Chad Cecil Mupandanyama as co-owners.

According to their memorandum of association, Mnangagwa was a major shareholder with a 60% stake, Mushiringi had 5% while 15% were controlled by Mupandanyama

It is alleged that Mushiringi and Mupandanyama owned 40% on registration, but only took 20% indicating they would allot the remaining shares later.

Mnangagwa is alleged to have been the company’s chief financier and was tasked to scout for other investors.

On July 2, 2018, Mushiringi and Mupandanyama allegedly connived to push Mnangagwa out of the company and fraudulently removed him from the directorship and replaced him with Alec Mawere and updated the records at the Registrar of Companies.

Mnangagwa only became aware of his expulsion from the company on October 10 this year during the verification of account opening at CBZ Bank.

He realised that Mushiringi and Mupandanyama had used fake company documents to resign him from the company, which then prompted him to report the matter to the police.

The State alleges Mnangagwa suffered prejudice of US$4 million of the investment due to the accused person’s misrepresentation.

The three have already appeared in court on fraud charges and were granted $20 000 bail each by Harare magistrate Judith Taruvinga, who remanded them to November 27.

More: NewsDay

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