Brothers in money fight

UNITED Armature Winding Company director Christopher Sibanda (51) is in trouble for allegedly defrauding his brother after using his house’s title deeds as collateral in securing a contract with the Bulawayo City Council and using the same title deeds in securing a loan from the bank and failing to pay him the agreed 33,3% from the profit made.

STAFF REPORTER

This was heard when Christopher appeared before Bulawayo magistrate Gladmore Mushove facing a charge of defrauding his older brother Partson.

Christopher of Matsheumhlope in Bulawayo denied the charge and Mushove remanded the case to July 8 for trial.

Prosecutor Jeremiah Mutsindikwa told the court that Christopher and Partson Sibanda (63) are blood brothers.

Sometime in October 2013, Christopher secured a tender from council to repair some motors for Ncema and Fernhill dams at a cost of $111 168.

He wanted a down payment of 30% to start the project and council requested collateral to secure the deposit.

It was the State’s case that Christopher then approached Partson and requested to use his Entumbane house tittle deeds as collateral to secure the 30% payment.

He further indicated that he would appoint his brother as the marketing director of the project and give him 33,3% of the profit made after completion of the project.

Partson then gave him title deeds to his house which Christopher used as collateral with council where he was given $16 733,22 as
down payment.

When Christopher ran out of funds during the repair of the electric motors, he allegedly went to council and negotiated the release of the deeds of his brother. He allegedly approached Partson and again asked for the use of his title deeds as collateral in securing a loan with ZB Bank.

Partson gave him the go ahead and they went to the bank where he signed the consent forms for the use of his title deeds as collateral.

After the completion of the project, Christopher was paid $94 435,22 by council, but he failed to honour the agreement with his brother and did not give him the promised 33,3% payment.

This meant Christopher defrauded Partson of $29 000 and he reported him to the police.

Our Partners:   NewsDay   The Independent   TheStandard  MyClassifieds