A 41-year-old Chinese businessman has appeared in court accused of misappropriating nearly US$2 million from the sale of mining claims he was entrusted to sell on behalf of a Harare company.
Huan Baoquan appeared before Harare regional magistrate Lazini Ncube facing three counts of theft of trust property and one count of money laundering. He was granted US$1,000 bail and remanded to a later date.
According to the State, Chemaden Resources (Private) Limited appointed Huan in 2023 to represent the company in Zimbabwe and authorised him to dispose of several mining assets on its behalf.
Prosecutors allege that on January 25, 2025, Huan sold the company's Iron Cap mining claims in Mazowe to Premier Tobacco Auction Floors (Private) Limited for US$994,000. Instead of remitting the proceeds to Chemaden Resources, he allegedly kept the money for his own use.
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The State further alleges that on April 15, 2025, Huan sold the company's Congrilla mining claims to the same buyer for US$380,000 but again failed to hand over the proceeds to Chemaden Resources.
In a third transaction, prosecutors say Huan entered into an agreement with Ruyi Investments (Private) Limited on January 19, 2026, to sell Iron Cap gold claims valued at US$4.3 million.
Court papers state that Ruyi Investments paid US$2.426 million in two instalments. Of that amount, Huan allegedly transferred US$1.8 million to Chemaden Resources but unlawfully retained US$626,000.
The State alleges that the company suffered a total prejudice of about US$2 million. No recoveries have been made.
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