Former MP on $7m fraud
17 October 2018
Edward Raradza (r)
FORMER Member of Parliament for Muzarabani South, Edward Raradza, is accused of duping the Zimbabwe Farmers Development Company (ZFDC) of US$494 000 and farming equipment worth more than $7 000 000.
Raradza, who is the chairperson of ZFDC, has appeared at Harare magistrates’ court facing two counts of fraud.
He is charged along with the company’s executive director Mathew Raradza.
During the initial hearing of the matter, the two were not asked to plead when they appeared before Harare magistrate Rumbidzai Mugwagwa.
Through their lawyer, Edward and Mathew applied for a bail, which was granted by the State.
They were awarded $600 bail each on both counts and they were ordered to surrender their passports to the police station.
The State, led by Sabastian Mutizirwa, alleges that sometime in mid -May 2011, Harare businessman Phillip Chiyangwa got farming equipment from ZFDC worth US$597 844.
On June 11 2011, the two accused persons, acting in common purpose without a board resolution, reduced Chiyangwa’s debt to US$500000 which Chiyangwa deposited into ZFDC bank account under number 10106433902018 on June14 2012.
It is the State’s case that on the same date, the first and second persons with intent to steal, transferred the bulk of money amounting to US$494423.76 into Coachcard Investment which is owned by the former MP and his wife Julie Raradza.
Is it also alleged by that farming equipment worth US$7000000 was also stolen from the company and sold to various other companies.