Harare | Edwin Moyo, the managing director of Nhimbe Fresh Exports, faces accusations of deceiving a partner who invested US$350,000 in a failed business venture.
According to court proceedings, on July 1, 2022, Moyo, acting on behalf of Nhimbe Fresh Exports, entered into a Contract Grower Agreement with Northern Tobacco (Pvt) Ltd. As collateral, he offered his property, a 9220-square meter piece of land named Lot 273 Highlands Estate of Welmoed, valued at US$400,000, to be mortgaged.
In December 2022, Moyo secured a loan from NMB Bank, necessitating further collateral. Allegedly, he approached businessman Moses Ruwona and falsely claimed to have secured a tender from Northern Tobacco to purchase raw tobacco for export, lacking the necessary funds. Moyo assured Ruwona that upon payment of US$350,000, the product would be prepared for export within 14 days, with Ruwona entitled to a ten percent share of the profit.
Ruwona, swayed by Moyo’s misrepresentation, transferred US$17,000 to Northern Tobacco’s Stanbic Bank account as payment for tobacco. Subsequently, on January 4 of the following year, Ruwona met Moyo at Stanbic Bank Borrowdale and deposited US$332,900 into the same account. However, despite the full payment, Ruwona received no tobacco for export, eventually realizing the absence of any genuine business transaction.
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Failing to recover his funds, Ruwona reported the incident to the police. Investigations uncovered that the money transferred to Northern Tobacco’s business account was intended to offset Moyo’s debt, allowing him to reclaim his property for the NMB loan.
Moyo was granted bail set at US$500 and is scheduled to appear in court on May 8, with Lancelot Mutsokoti representing the State.
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