Zimbabwe: Israeli Investor Loses Us$4m to Compatriot
By Nyore Madzianike-
AN Israeli investor allegedly lost nearly US$4 million in profits and interest to his manager and compatriot he had entrusted with his investments in Zimbabwe since 2014.
Mr Gilad Shabtai, the majority shareholder in Adlecraft Investments (Pvt) Ltd, a company with interests in the mining sector, reportedly lost the money to Ofer Sivan.
Sivan reportedly fled the country to avoid answering to theft of trust property charges after Mr Shabtai took the matter to police.
Mr Shabtai has since written a letter of complaint dated August 13, 2021, to the Commissioner-General of Police over the manner in which his investment was handled.
According to sources close to investigations, on December 15, 2014 Mr Shabtai extended a US$1,5m loan to Ming Chang Sino Africa Mining Investment, which was being represented by Mr Xing Ming Chang.
It is said that Ming Chang Sino Africa Mining Investment sought the loan from Mr Shabtai with intention to import mining equipment and machinery from China.
According to the agreement signed between Mr Xing Ming Chang and the Israeli investor, the loan was supposed to be settled on or before June 15, 2015.
On June 11, 2015, Mr Shabtai is said to have assigned Sivan to follow up on the loan and interests that had accrued from Ming Chang Sino Africa Mining Investment.
Sivan was mandated to collect and handover the full loan amount plus interests to Mr Shabtai in cash or to deposit it into his Ecobank account.
Sivan reportedly collected the full US$1,5 million and interests from Ming Chang Sino Africa Mining Investment on various separate occasions and allegedly signed for every amount he received on behalf of Mr Shabtai.
Instead of handing over the full amount to his employer, in cash or bank deposit, Sivan allegedly converted the money into his own use.
Sivan reportedly left the country in a huff to evade criminal proceedings.