A CHINESE mining company operating in Zimbabwe lost over US$122 000 in a botched deal.
The company had entrusted a dealer to source copper ore on their behalf.
The complainant is Formanix Mining Resources (Pvt) Limited, a duly registered company which is into mining, and is being represented by Siu Hang Chan, its finance manager.
The court heard that James Daniel Mckey and Formanix Mining entered into an agreement in which Mckey was contracted to buy copper ore on the company’s behalf.
He would in turn get 30 percent of the profit after the processing and sale of the material.
Chan claims he paid a total of US$ 122 680 cash in batches of US$55 000, US$37 680 and US$30 000 on 19 May 2022, 8 June 2022 and 27 June 2022.
The payments were made to Mckey for him to buy 150 tons of copper ore.
Mckey allegedly acknowledged receipt of the funds but never delivered the copper ore as required.
He allegedly converted the money to his own use.
Chan made follow ups for the copper ore but Mckey failed to provide the ore.
He also failed to account for the money prompting Chan to file a police report.
Of the US$122 680, which was stolen, nothing was recovered.