A Chinese company, Chemaden Resources (Private) Limited, was left counting its losses after an employee allegedly pocketed US$2 million collected from clients following the sale of mining claims to two local firms.
Huan Baoquan (41) appeared before Harare magistrate Lazin Ncube charged with money laundering and theft of trust property. He was granted US$1 000 bail.
The complainant is Chemaden Resources (Private) Limited, represented by 43-year-old Huang Langen.
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According to the State, Chemaden Resources appointed Baoquan in 2023 to represent its corporate interests in Zimbabwe.
It is alleged that on 2024, Baoquan was authorized by the company to dispose of its Iron Claims (Iron Cap registered number 287058M, Iron Cap 76 registered number 31916 and Iron Cap 77 registered number 31917) situated in Mazowe.
On January 25, 2025, acting on behalf of the complainant, Baoquan entered into an agreement of sale with Premier Tobacco Auction Floors (Private) Limited.
He reportedly received US$994 000 on behalf of the company but converted the entire amount to his own use.
In a similar transaction in 2024, Baoquan was reportedly authorized to sell the company's Congrilla Claims (comprising Congrilla 1, 3, and 4, covering several 10-hectare gold reefs).
On April 15, 2025, he again entered into a sale agreement with Premier Tobacco Auction Floors. He allegedly received US$380,000 on behalf of the complainant and pocketed the funds.
Further allegations are that on January 19, 2026, Baoquan entered into an agreement of sale with Ruyi Investments (Private) Limited for the Iron Cap Gold Claims for a total value of US$4,300,000.
The buyer paid an initial two instalments totaling US$2 426 000 which Baoquan received. However, he only remitted US$1 800 000 to the complainant, converting the remaining US$626 000 to his own use.
As a result of Baoquan's actions, the complainant suffered a cumulative financial prejudice of US$2,000,000, and nothing has been recovered.
