08/07/2013 00:00:00
by Staff Reporter
LOCAL tycoon John Bredenkamp has appeared in court facing fraud charges after allegedly failing to repay a US$4 million loan secured from a fellow businessman.
Bredenkamp, who is said to enjoy close ties with the Zanu PF hierarchy, appeared in court last Friday accused of swindling former Sahawi International director Yaqub Ibrahim Mohammed.
The Mazowe-based tycoon was not formally charged when he appeared before Harare magistrate Donald Ndirowei and was remanded out of custody to September 9 on US$2,000 bail.
He is also charged with borrowing foreign currency from an unauthorised dealer without the approval of the Reserve Bank of Zimbabwe (RBZ).
Prosecutor,Tungamirai Chakurira, said some time in 2002, Bredenkamp secured a US$4,212,123 loan from Mohammed who raised the money through cigarette manufacturing firm, Sahawi International, which was based in South Africa.
Chakumira said Bredenkamp misrepresented to Mohammed that he would pay back the money once he sold his mine, Kababankola Mining Company, in the Democratic Republic of Congo (DRC).
Mohammed advanced him the cash at 6% interest per annum, capitalised monthly.
The court heard that Bredenkamp sold his DRC mine in 2006, but would not repay the loan and became evasive prompting Mohammed to report the matter to the police.
The prosecutor also said by borrowing the cash without securing authority from RBZ Bredenkamp – who resides at resides at Thetford Farm in Mazowe - contravened sections of the country’s exchange control regulations.
Labels: COURTS, JOHN ARNOLD BREDENKAMP
posted by MrK @ 1:36 PM
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