Judicial manager gets bail

JUDICIAL manager Cecil Madondo was last week admitted to $100 000 bail at the High Court.

Madondo allegedly sold exclusive mining rights to three different buyers, prejudicing his them of US$260 000.

In her ruling, Justice Priscillah Munangati-Manongwa said Manondo was not a flight risk.

“The appellant is a suitable candidate for bail given his credentials.

“He was a professional accountant such that the High Court appointed him Corporate Rescuer practitioner.

“He is a family and business man; he has economic and social interests to protect,” she said.

The State had argued Madondo was a flight risk and that he was likely to interfere with State witnesses.

Madondo was recently appointed by the High Court as a Corporate Rescue practitioner of Redwing Mine in Penhalonga, Mutare, before he allegedly sold the mining rights three times.

It is the State’s case that on October 15 last year, Madondo told Patricia Mutombgwera and Grant Chitate that he had given their company, Probadeck Investments Pvt Ltd, exclusive mining rights in respect of claims held by Redwing Mining Company Pvt Ltd covering 132 gold mining blocks, eight copper mining blocks and any other mining claims belonging to Redwing Mine.

Again on October 30 last year, it is alleged, Mutombgwera and Chitate, acting upon that information, signed a joint venture relationship agreement with the mining company represented by Madondo believing that their company had secured exclusive mining rights.

Both parties went on to register a tribute agreement with the Registrar of Deeds to operationalise their joint venture agreement.

Probabadek Investments allegedly paid US$60 000 corporate rescue fees into Madondo’s personal company, Tudor House Consultants, and made a capital expenditure amounting to US$200 000.

However, in November 2020, Madondo, although he had ceded all mining rights to Probadek Investments, allegedly prepared another memorandum of tribute agreement with Prime Royal Pvt Ltd, allocating them the same mining blocks which he had ceded to Probadek.

On December 1, Madondo, the court heard, allegedly entered into a third memorandum of tribute agreement with Betterbrands Mining Pvt Ltd, giving them the same mining blocks.