Businessman loses US$200k property to loan shark

A BUSINESSMAN lost property, worth US$200 000 to a loan shark after title deeds were changed behind his back, a Harare court heard yesterday.

The suspect, Elias Sawari (48) was not asked to plead when he appeared before Harare magistrate Yeukai Dzuda.

The complainant, Godwin Munyama, the director of Waine Investments (Pvt) Ltd, asked for a loan of US$20 000 from Sawari, sometime in 2009.

Munyama promised to repay the money within a month.

The court heard that Sawari gave Munyama US$20 000, but he failed to repay the money as agreed.

Munyama resolved to surrender the title deed of his property, stand number 183 Northwood Township of Sumben, as surety.

Munyama later settled the loan in full and demanded his title deeds back, but Sawari started giving him excuses.

He investigated the matter and discovered that Sawari had transferred the property into his name, ceded the rights of the property to businessman Frank Buyanga, without his knowledge.

As a result of Sawari’s actions, Munyama suffered actual prejudice of US$200 000.

Anesu Chirenje appeared for the State. – Herald

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