San Ding Lithium Private Limited, a Zimbabwean lithium company, was forced to shut down after prosecutors accused a Chinese investor and former executive of diverting $3.65 million meant for its operations.
The case involves suspected forged financial documents, missing company records and the sale of two company vehicles.
According to New Zimbabwe, Chinese national Li Shigang, 58, appeared before Harare magistrate Jesse Kufa on July 13 following his arrest on July 11.
He faces a charge of theft of trust property under Zimbabwe’s Criminal Law Code, with prosecutors listing an alternative charge under the Money Laundering and Proceeds of Crime Act.
However, Li has not entered a plea and remains in custody pending the determination of his bail application, while the allegations remain untested and he is presumed innocent until proven guilty.
