Madondo remanded in custody

REDWING Corporate Rescue Practitioner, Cecil Hondo Madondo, who is facing US$260 000 fraud charges was yesterday remanded in custody to Monday for bail ruling.

The State and defence counsel submitted their closing submissions in writing and presiding magistrate Ngoni Nduna will make a determination on Monday.

The complainant is Prodabek Investments represented by Patricia Mutombgwera.

The court heard that last year in July, Redwing mine was placed under care and maintenance and Madondo was appointed to be the Corporate Rescue Practitioner by the High Court of Zimbabwe.

Redwing Mine is in the business of mining, exploration and processing of gold for sale to Fidelity Printers sand Refineries.

The State alleges that on October 15 2020, Madondo misrepresented to Mutombgwera and Grant Chitate that he has given Probadek exclusive rights in respect of Redwing Mining Company coveting 132 gold mining blocks, 8 copper mining blocks and any other mining belonging to Redwing and the three signed a joint venture and relationship agreement.

The three also registered a tribute agreement with the registra of deeds as a notarial deed in order to operationalise their joint venture agreement.

Probadek reportedly paid corporate rescue fees to the tune US$60 000 and made a capital expenditure of US$200 000.

Madondo reportedly then prepared another memorandum of tribute to Prime Royal Pvt Ltd knowing well that he had ceded all mining rights to Probadek.

In December Prime Royal and Betterbrands Mining took over the mine while the agreement with Probadek was still in existence.

Tinashe Makiya appeared for the State.