Latest on businessman Wicknell Chivayo who is facing fraud and money laundering charges

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Jet-setting Harare businessman Wicknell Chivayo, was yesterday granted $2 000 bail by the High Court.

Chivayo had been condemned to remand prison after he was denied bail at the Harare Magistrates’ Court on Monday on grounds that he was a flight risk.

Chivayo and his company — Intratek Zimbabwe (Private) Limited — are being charged with fraud, money laundering and contravening two sections of the Exchange Control Act.

In bail conditions, Chivayo was ordered reside at his given address, report to the police twice a week and he was also ordered to surrender the title deeds of his property worth $700 000.

He will appear at Harare Magistrates’ Court on August 17 for his routine remand hearing.

The flamboyant businessman came under pressure in recent months to defend the power deals that he signed with power utility Zesa Holdings and its subsidiary, the Zimbabwe Power Company.

This was after it had emerged that Intratek had failed to deliver on the contracts.

Among the deals, the burly businessman was awarded is a $200 million tender for the Gwanda Solar Project.

Chivayo, who over the past few months seemed untouchable and bragged about flying first class and known for splashing wads of US dollars on social media, is said to have been advanced $5 million for the project’s pre-commencement works.

— DailyNews


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