The trial of Li Song, a Chinese national accused of theft and externalization involving $6 million, has been postponed to August 30. This delay allows the State to verify crucial documents allegedly key to the case.
Song presented a document of alleged fund acquittals, forming the basis of the externalization allegations. During police investigations, Ecobank provided a statement indicating that Eagle Italian Shoes (Private) Limited had outstanding acquittals related to import documentation.
The complainant, Eagle Italian Shoes Company, is represented by Kutaura Bond Taderera. Song, the accused, is a former director of the same company. Eagle Italian Shoes specializes in producing leather footwear for both domestic and global markets.
Throughout the auditing period, the firm maintained bank accounts denominated in local and foreign currency with Ecobank Limited and another local bank. The agreement for each bank account allowed any authorized person to execute transactions.
Song, a bank signatory and director at the time, allegedly exploited this arrangement. He authorized payments to Jacaranda Consulting Services and Skyone Import and Export Company, both foreign entities.
According to audit findings, between June 1, 2020, and September 30, 2021, $809,407.83 was disbursed to these overseas firms. An audit uncovered that the company had outstanding acquittals totaling $405,200.66 from its available funds for payments made via a local bank over three years, ending December 31, 2016.
There are no bills of entry or commercial invoices to substantiate that goods and services were indeed delivered to Eagle Italian Shoes for all the payments made. This lack of documentation led to the suspension of the company’s accounts with its two banks.
Following investigations, the Reserve Bank of Zimbabwe provided the police with details regarding auction allotments and foreign payments allocated to Eagle Italian Shoes and its subsidiaries. DGL Investments Number Nine received auction allotments totaling $859,880.80, and through this entity, Song made foreign payments amounting to $1,659,851.10. Another company, Strengthened Investments (Pvt) Ltd, received auction allotments worth $1,018,101.21. The accused allegedly made foreign payments totaling $1,129,311.96 through this entity. Eagle Italian Shoes, which also benefited from auction allotments valued at $430,407.83, executed foreign payments amounting to $51,058,407.52.
Song is also facing charges of theft of trust property involving $1,214,608.49. This high-profile case underscores the need for stringent checks and balances in financial operations to prevent misuse of funds.
The delay in the trial highlights the importance of thorough verification of documents in legal proceedings. It ensures that all evidence is accurate and reliable, providing a fair trial for the accused.
This case serves as a reminder of the ongoing efforts to combat financial crimes and ensure transparency in business transactions. The outcome of Song’s trial will be closely watched as it could set a precedent for future cases involving similar allegations.
As the trial progresses, further details will emerge, shedding light on the intricacies of the case. For now, the focus remains on verifying the documents and ensuring a just resolution.
The trial’s postponement to August 30 allows the State ample time to scrutinize the presented documents. It also emphasizes the legal system’s commitment to due process. Song’s defense will likely prepare for the next court date, aiming to refute the allegations against him.
Source: Newsday
