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Tuesday, December 6, 2022
HomeCourtsBusinessman Gilad Shabtai Found Guilty of Fraud, Ordered To Reimburse US$1.3 Million

Businessman Gilad Shabtai Found Guilty of Fraud, Ordered To Reimburse US$1.3 Million

After more than a year of battling out in the courts, justice has finally been served and the true personalities of Gilad Shabtai and Gonyora have been exposed after the High Court found the two guilty of defrauding Adlecraft Investments to the tune of US$1, 3 million.

The High Court found that the duo opened a conduit account to defraud Adlecraft without approval from the company’s board.

Shabtai and Gonyora proceeded to transfer money from Adlecraft Investments account into a South African registered account belonging to Shabtai’s company purporting to be paying for mining equipment that had already been paid for.

In his judgement, Justice Tawanda Chitapi ruled that Shabtai and Gonyora should reimburse the US$1.3 Million to Adlecraft Investments within ten days of the court order.

“It is ordered that: The defendants be and are hereby declared to have committed acts of fraud against the second plaintiff company from the period between March 2021 and August 2021. The defendants be and are hereby declared to have misappropriated funds for the second plaintiff company to the tune of US 1300 000 for the period between March 2021 and August 2021.

“The defendants be and are hereby ordered jointly and severally the one absolving the other to reimburse the said US 1300 000.00 or the Zimbabwean dollar equivalent at the prevailing interbank rate on the date of payment paid into the second plaintiffs denominated account within ten (10) days of this court’s order. The defendants be and are hereby ordered jointly and severally the one absolving the other to pay interest on the sum of US 1 300 000.00 at 5% per annum from the date of summons to the date of payment,” ruled Justice Chitapi.

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Justice Chitapi directed that Shabtai and Gonyora be removed from the directorship of Adlecraft Investments and also ordered company Chief Executive Officer Ofer Sivan to appoint new directors.

“The defendants be and are hereby removed from the directorship of the second plaintiff by order of this court. First plaintiff must accordingly bring this to the attention of the Registrar of Companies. The first plaintiff be and is hereby ordered to appoint other director(s) to replace first and second defendants within ten (10) days of the court order. The first and second defendants be and are hereby ordered jointly and severally the one absolving the other to pay costs of suit payable on a legal practitioner client scale,” further reads the High Court judgement.

Despite trying to present themselves as committed Directors and even as shareholders, they have been proven to be nothing but fraudsters, thieves and criminals in every sense. They have blatantly lied numerous times to law enforcement agents and due to their actions, have fled the country and are on the run as they both have outstanding warrants of arrest against them.

Commenting on the judgement, Sivan said, “the given order through the courts proves that there is a justice system in Zimbabwe and criminals will be held accountable for their actions.”

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