Zim Now Writer
A mining company operating in Zimbabwe, Formanix Mining Resources (Pvt) Limited, lost over US$122 000 after it had entrusted a dealer to source copper ore on its behalf.
The company, which is being represented by its finance manager Siu Hnag Chan, had an agreement with one Daniel Mckey in which the latter was contracted to buy copper ore on the company’s behalf.
Mckey would in turn get 30 percent of the profit after the processing and sale of the material.
Chan claims he paid a total of US$ 122 680 cash in batches of US$55 000, US$37 680 and US$30 000 on May 19, 2022, June 8, 2022 and June 27, 2022 respectively.
The payments were enough to buy 150 tons of copper ore.
Mckey allegedly acknowledged receipt of the funds but never delivered the copper ore as required. He allegedly converted the money to his own use.
Chan made follow-ups for the copper ore but Mckey failed to provide the ore. He also failed to account for the money, prompting Chan to file a police report.
Nothing was recovered.
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