Investment Officer in Court Over US$66,300 Lithi...

Investment Officer in Court Over US$66,300 Lithium Deal Theft

Munyaradzi Mashiri

Zim Now Court Correspondent

An investment officer at Terrestrial Holdings Private Limited, has been arraigned at the Harare Magistrates’ Court on charges of theft of trust property amounting to US$66,300.

Kumburai Nyamande appeared before Magistrate Dennis Mangosi and was granted bail of US$500. The matter was postponed to January 16, 2024, pending further investigations.

The complainant, Borniface Nyikayaramba, who is the acting Group Chief Executive Officer of Terrestrial Holdings, alleges that the theft occurred during a lithium investment transaction.

According to the prosecution, led by Rufaro Chonzi, the alleged crime began on November 14, 2023, when Nyikayaramba engaged Nyamande regarding a lithium investment opportunity. Nyamande directed Nyikayaramba to deposit US$121,500 into Terrestrial Holdings’ account for the purchase of lithium ore from Avosch Investments.

The court heard that US$66,700 was deposited into the company’s finance division on the same day, and a receipt was issued. Later, on December 19, 2023, Mashiri allegedly requested a further US$51,500 for the purchase of lithium ore. This amount was approved and disbursed, but Nyamande failed to provide proof of expenditure for the funds.

The situation escalated when Avosch Investments sent a letter of demand to Terrestrial Holdings on October 22, 2024. The letter highlighted that Avosch had handed over US$121,500 to Mashiri in November 2023, but only US$40,000 had been repaid by February 2024.

Following this, Terrestrial Holdings was left owing Avosch Investments a balance of US$15,200. Investigations revealed that the total value allegedly stolen by Mashiri amounted to US$51,200.

On November 19, police acting on a tip-off arrested Mashiri at his residence.

The case continues as authorities investigate the allegations.