Maravi

(HERALD) Tycoon sucked into Buyanga case

Tycoon sucked into Buyanga case
Sunday, 04 March 2012 00:00
Sunday Mail Reporter

Business tycoon Mr Nicholas Van Hoogstraten has been sucked into fugitive Frank Buyanga’s fraud case after one of his investment vehicles was accused of illegally granting loans to people. A High Court application made by the Attorney-General’s Office last week seeking to bar Buyanga from selling 43 properties claims that Mr Van Hoogstraten’s company, Messina Investments, could have been used to defraud people.

The investigating officer in Buyanga’s fraud case, Chief Superintendent Patrick Majuta, said in court papers that Messina Investments extended loans to different people between September 2009 and October 2011.

“During the course of my investigations, I noted that one Akim Ndlovu, a Zimbabwean formerly employed (by Buyanga) as information and technology personnel (sic) from September 2009 until October 2011, recorded all (bank) transactions relating to Buyanga’s illegal business affairs,” said Chief Supt Majuta.

The documents state that a United Kingdom bank account, allegedly belonging to Mr Van Hoogstraten, extended loans to some of the victims Van Hoogstraten is ranked among the country’s wealthiest people and controls a 35 percent stake in the Rainbow Tourism Group (RTG).

His stake in the hotel group is held through Banhams Investments (Private) Limited, Messina Investments and Willoughby’s Finance (Private) Limited.

The RTG is the second largest tourism group in the country and it owns Rainbow Towers Hotel, Harare International Conference Centre, a number of hotels across the country as well as 60 percent stakes in Touch the Wild Resorts and Tourism Services Zimbabwe.

Labels: FRAUD, REAL ESTATE

posted by MrK @ 7:17 PM