#ZANU Zanu PF ally Bredenkamp up for $4m fraud July 9, 2013 in National, News, Politics PROMINENT business tycoon and Zanu PF ally John Arnold Bredenkamp has been arrested over a $4 million fraud charge following his alleged involvement in a botched loan agreement with a fellow businessman. REPORT BY SENIOR COURT REPORTER Bredenkamp, who at one point was ranked one of the wealthiest men in the country, has also been charged with borrowing foreign currency from an unlicenced dealer without authority from the Reserve Bank of Zimbabwe (RBZ). The businessman, who resides at Thetford Farm in Mazowe, last week appeared before Harare magistrate Donald Ndirowei. Prosecutor Tungamirai Chakurira presented that sometime in 2002, Bredenkamp allegedly swindled former Sahawi International director Yaqub Ibrahim Mohammed of $4 212 123, after acquiring a loan from him. Mohammed is said to have acquired the huge sums of money through a cigarette manufacturing firm, Sahawi International, based in South Africa. At the material time, Bredenkamp allegedly misrepresented to Mohammed that he would pay back once he (Bredenkamp) sold his mine, Kababankola Mining Company, in the Democratic Republic of Congo. The business transaction allegedly materialised in 2001 soon after the latter had sold his cigarettes. It is alleged after realising his colleague had the capacity to finance him, Bredenkamp approached Mohammed and requested for a loan and was given the cash which attracted a 6% interest per annum, capitalised monthly. The whole transaction is alleged to have taken place at Bredenkamp’s office situated at Number 124 Josiah Chinamano Avenue, Harare. The State alleges that after selling his mine in 2006, Bredenkamp failed to pay back the loan and instead became elusive, prompting Mohammed to report the matter to the police. The State also alleges that at the time Bredenkamp borrowed the foreign currency he had not sought authority from the RBZ and by so doing contravened a section of the Exchange Control regulations. The court granted him $2 000 bail and remanded the matter to September 9 for trial. News Day
Posted on: Tue, 09 Jul 2013 04:10:08 +0000
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