ZFDC chairman Raradza in the dock
Anesu Madiye Herald Reporter
Zimbabwe Farmers’ Development Company (ZFDC) chairman Edward Raradza on Tuesday appeared in court with his executive director Mathew Raradza for allegedly stealing about $500 000.
Edward Raradza is a former Member of Parliament (MP) for Mvurwi .
The duo appeared before Harare Magistrate Ms Rumbidzai Mugwagwa.
They were released on $300 bail each and the matter was remanded to November 22.
Prosecutor, Mr Sebastian Mutizirwa alleged that sometime in May 2011, Phillip Chiyangwa got farming implements on credit from ZFDC worth $597 844,12
On May 11, 2011 the duo acting in common purpose and without a board resolution reduced Chiyangwa’s debt to $500 000. Mr Chiyangwa deposited the money into ZFDC’s BancABC account on the 14th of the same month. On the same date the pair transferred the bulk of the money amounting to $494 423,76 into Coachcard Investment Private Limited’s BancABC account, which belongs to Edward and his wife Julie Raradza to clear the debt that they company owed BancABC.
The reduction of Chiyangwa’s debt, the transfer of money into ZFDC account and the final transfer of the monies into a private owned company was only done to allegedly steal money from ZFDC.
The total money stolen is $494 423,76 and nothing was recovered.