69-year-old businessman Francesco Maconati appeared at the Harare Magistrates’ Court facing fraud charges linked to the alleged illegal takeover of a mining company.
The complainant, Yan Bo, a Chinese national, is the alternate director of DGL5 (Private) Limited, which operates Queens Mine in Inyathi.
The State alleges that Maconati, together with Li Song, Xing Mingchang, Mark Andrew Hughes, and Ke Wang, formed DGL5 (Private) Limited in 2017 to acquire mining claims, process minerals, and operate mines.
Maconati, a former director of the company, and Hughes resigned from their positions on August 4, 2024, leaving the company under the control of the remaining three directors.
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However, prosecutors allege that on December 11, 2025, Maconati and Hughes forged company documents and unlawfully re-registered DGL5 (Private) Limited, appointing themselves as the sole directors. They allegedly allocated company shares between themselves on a 60:40 basis and appointed Marshall Mangwiro as secretary or principal officer.
The alleged fraud came to light on January 13, 2026, when Yan Bo discovered the changes and reported the matter to the police. The complainant claims the offense exposed the company to potential prejudice of about US$1.9 million.
Maconati was subsequently arrested and remanded in custody.
His arrest followed a manhunt that ended at Duration Gold Limited’s DGL 5 Mine, where he was allegedly found hiding in a mine shaft.
Maconati is also facing additional charges related to the illegal possession of a firearm and is accused of previously evading arrest.
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