{"id":96908,"date":"2024-07-25T13:04:18","date_gmt":"2024-07-25T11:04:18","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/trial-of-chinese-national-over-us6millin-externalisation-charges-in-false-start"},"modified":"2024-07-25T15:15:50","modified_gmt":"2024-07-25T13:15:50","slug":"trial-of-chinese-national-over-us6millin-externalisation-charges-in-false-start","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/trial-of-chinese-national-over-us6millin-externalisation-charges-in-false-start","title":{"rendered":"Trial of Chinese national over US$6millin externalisation charges in false start"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>THE trial of Chinese national Li Song who is accused of theft of trust property and externalisation involving US$6 million has been moved to August 30 to allow the State to verify some documents which are allegedly key to the case.<\/p>\n

Song had produced a document of alleged fund acquittals which formed the bases of the externalization allegations.<\/p>\n

During police investigations, Ecobank provided a statement indicating that Eagle Italian Shoes (Private) Limited had outstanding acquittals related to import documentation.<\/p>\n

The hearing was postponed to August 30, 2024, to allow for further investigation.<\/p>\n

The complainant in this case is Eagle Italian Shoe Company being represented by Kutaura Bond Taderera. The accused is Song who is a former Director of the same company.<\/p>\n

Eagle Italian Shoes specializes in producing leather footwear, catering to both domestic and global markets.<\/p>\n

Throughout the auditing period, the firm maintained two types of bank accounts\u2014those denominated in Local Currency and those in Foreign Currency\u2014with both Ecobank Limited and another local bank.<\/p>\n

The agreement for each bank account stipulated that any authorized person could execute transactions.<\/p>\n

A bank signatory and director at the time, Song allegedly exploited the arrangment to authorize payments to Jacaranda Consulting Services and Skyone Import and Export Company, both foreign entities.<\/p>\n

It is the State\u2019s case that according to the audit findings, between June 1, 2020, and September 30, 2021, a total sum of US$809,407.83 was disbursed to these overseas firms.<\/p>\n

An audit uncovered that the company had outstanding acquittals totalling US$405,200.66 from its available funds for payments made via a local bank over a span of three years, culminating on December 31, 2016.<\/p>\n

There are no bills of entry or commercial invoices to substantiate that goods and services were indeed delivered to Eagle Italian Shoes (Private) Limited for all the payments made.<\/p>\n

This lack of documentation led to the suspension of the company\u2019s accounts with its two banks due to the failure to present bills of entry.<\/p>\n

Following investigations, the Reserve Bank of Zimbabwe furnished the police with details regarding auction allotments and foreign payments allocated to Eagle Italian Shoes Company and its subsidiary companies.<\/p>\n

Specifically, DGL Investments Number Nine received auction allotments totaling USD$859,880.80, and through this entity, the accused made foreign payments amounting to USDS1,659,851.10.<\/p>\n

Another company, Strengthened Investments (Pvt) Ltd, received auction allotments worth US$1,018,101.21.<\/p>\n

The accused person allegedly proceeded to make foreign payments totaling US$1,129,311.96 through this entity.<\/p>\n

Additionally, Eagle Italian Shoes Pvt Ltd, which also benefited from auction allotments valued at US$430,407.83, executed foreign payments amounting to USD$51,058,407.52 utilizing the same company.<\/p>\n

Song is also facing theft of trust property involving US$1 214 608.49.<\/p>\n

For More News And Analysis About Zimbabwe Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. THE trial of Chinese national Li Song who is accused of theft of trust property and externalisation involving US$6 million has been moved to August 30 to allow the State to verify some documents which are allegedly key to the case. Song had produced a document of alleged fund acquittals which formed […]<\/p>\n","protected":false},"author":84,"featured_media":96906,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[19],"class_list":{"0":"post-96908","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-zimbabwe"},"yoast_head":"\nTrial of Chinese national over US$6millin externalisation charges in false start - zimbabwe<\/title>\n<meta name=\"description\" content=\"THE trial of Chinese national Li Song who is accused of theft of trust property and externalisation involving US$6 milli ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/trial-of-chinese-national-over-us6millin-externalisation-charges-in-false-start\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trial of Chinese national over US$6millin externalisation charges in false start\" \/>\n<meta property=\"og:description\" content=\"THE trial of Chinese national Li Song who is accused of theft of trust property and externalisation involving US$6 milli ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/trial-of-chinese-national-over-us6millin-externalisation-charges-in-false-start\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-25T11:04:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-25T13:15:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/07\/sm_1721900392.168275.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1020\" \/>\n\t<meta property=\"og:image:height\" content=\"680\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/trial-of-chinese-national-over-us6millin-externalisation-charges-in-false-start\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/trial-of-chinese-national-over-us6millin-externalisation-charges-in-false-start\",\"name\":\"Trial of Chinese national over US$6millin externalisation charges in false start - 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