A Chinese businessman has appeared in court in a mining assets dispute in which Premier Tobacco Auction Floors is named as a key party in transactions involving gold claims, a production plant and a later US$6.5 million deal allegedly entered into without the full knowledge and authority of Chemaden Resources.

Huang 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.

The complaint was filed by Huang Langen, 66, a shareholder and director of Chemaden Resources.

According to the complaint, Chemaden owns Congorilla gold claims, Iron Cap claims in Mazowe and a gold production plant situated on the Iron Cap property.

Huang Langen says Baoquan was introduced to the company around 2023 and was later appointed chief executive officer of Chemaden by company chairman Ma Hung Ming John.

The complainant states that Baoquan was not appointed as a director and was not authorised to sell company assets for his own benefit, receive or retain sale proceeds, conceal purchase prices, or receive payments into personal or controlled accounts.

The first disputed transaction relates to the Congorilla claims, which Huang Langen says were sold around April 15, 2025 to Owen Peter Murumbi and/or Premier Tobacco Auction Floors.

According to the complaint, Baoquan allegedly told Chemaden that the agreed purchase price was US$200,000.

Huang Langen says the company later discovered that the actual purchase price was US$380,000 and that Premier Tobacco Auction Floors had allegedly paid the full amount to Baoquan through a swap arrangement involving a Toyota Lexus 450D valued at US$110,000, a further US$90,000 payment and a final US$180,000 payment.

The complainant alleges that Baoquan did not disclose the full payment to Chemaden, did not account for it and did not remit any part of the US$380,000 to the company.

The second dispute concerns the Iron Cap claims and gold production plant.

The complaint states that Baoquan represented to Chemaden that he was negotiating a sale with Premier Tobacco Auction Floors, represented by Murumbi.

That transaction was later reduced into a written agreement of sale dated around May 25, 2025, for US$3.2 million.

Huang Langen says Baoquan has so far remitted US$2.43 million to Chemaden, leaving an alleged outstanding balance of US$770,000.

The complainant further alleges that Baoquan and Murumbi later engaged Ruyi Investments (Private) Limited over another transaction involving the Iron Cap mining rights without Chemaden’s knowledge, consent or authority.

According to the complaint, the further transaction valued the mining rights at US$6.5 million, with US$4.3 million payable to Chemaden and US$2.2 million payable to Premier Tobacco Auction Floors, while Premier Tobacco Auction Floors would retain ownership of the gold production plant.

Huang Langen alleges that the US$6.5 million arrangement was designed to conceal the true commercial value of the Iron Cap property from Chemaden and allow Baoquan, Premier Tobacco Auction Floors and/or other parties to benefit from the difference between the US$3.2 million and US$6.5 million agreements.

He is asking the courts to try Baoquan for fraud, theft, criminal abuse of trust, misappropriation of funds and unlawful dealing in company assets.