HARARE – Tendayi Mundawarara, the NMB Bank chairperson and nephew of the late Solomon Mujuru, is a free man after the State has dropped charges against him for allegedly swindling a Dubai jewellery company of $430 000.
The young businessman had been accused of duping Kalotti Jewellery (Kalotti) of cash under an 8,5kg of gold exchange deal.
Although Mundawarara had been charged with Trynos Nkomo, president of the Zimbabwe Minerals Federation, Harare magistrate Tendai Mahwe freed him after it was successfully established that he was not part of the commercial arrangement.
Under the State’s case, Mundawarara’s Beaver Mining had allegedly entered into an agreement with Kalotti for the gold export deal and had even worked with Nkomo to open an account with his bank.
Subsequently, the ex-Ukubambana Kubatana Investments boss allegedly instructed Kalotti to deposit nearly half-a-million dollars in the local accounts, with Nkomo withdrawing the money, but the Middle Eastern-based firm suffered a prejudice of $280 000 as only 3,5kg gold was recovered, State papers say.
Meanwhile, Nkomo — who is yet to be cleared on the charges — will be back in court next week Monday. – Ivene Zhakata