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Businessman acquitted of fraud

By Gibson Nyikadzino / Published on Friday, 22 Jun 2018 19:57 PM / No Comments / 1130 views

22 June 2018

HARARE businessman, Nathan Mnaba, yesterday left the court a free man after a Bulawayo regional magistrate appearing in Harare yesterday acquitted him on accusations of fraudulently acquiring a local firm, Norwich Trading Company.

Mnaba was also found not guilty of registering the company in his name without the complainant Nighert Parween Savania’s consent.

Magistrate Trynos Utawashe acquitted Mnaba saying the matter was civil and not criminal.

The magistrate indicated that Mnaba proved beyond doubt that the complainant was dishonest when she told Mnaba that she had 50 percent shares in Norwich Trading Company after Mnaba had paid $250 000.

Utawashe ruled that Mnaba did not misrepresent by filing fake documents to the Registrar of Companies to facilitate the change of ownership but the court found the documents to be authentic since they were bearing the names of the complainants.

He further indicated that the exhibits tendered before the court proved that Mnaba had informed the complainant of the meeting to change the ownership but she decided not to attend.

“The dispute between the two parties is civil and both parties cannot use this criminal court to settle the fights. I hereby dismiss the case and acquit the accused,” read the magistrate.

According to the State on October 10, 2011, Savania entered into an agreement of sale of shares for Norwich Trading Company with Mnaba.

The total purchase price for the said shares was pegged at $380 000 for 100 shares and the terms of the agreement were that an initial sum of $250 000 was to be paid on January 6, 2012, while the balance of $130 000 would be paid on or before August 2012.

It was alleged Mnaba failed to pay the balance as agreed, prompting the complainant to engage her lawyers to resolve the issue.

The State was represented by Clement Chimbare.

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