Businessman in court on graft charges

Details have emerged in a Harare court of how controversial businessman Wicknell Chivayo allegedly squandered a $5m advance payment by the Zimbabwe Power Company (ZPC). A report on the allAfrica site notes that the young tycoon denies the charges. Chivayo was awarded a $200m tender by ZPC to develop a solar power plant in Gwanda to help alleviate electricity supply shortages in the country. He was given a $5m advance for commencement work but allegedly squandered the cash with purchases unrelated to the tender. He is charged with money laundering, contravening the Exchange Control Act and fraud. ‘I plead not guilty to the charges,’ Chiyayo told Magistrate Lazini Ncube who remanded the case to 15 November.