HARARE – A Chinese investor and former chief finance officer of a lithium mining company, San Ding Lithium was on Monday taken to court facing charges of stealing more than US$3.65 million from the firm.

Li Shigang, 58, appeared before magistrate Jesse Kufa after his arrest on July 11.

He remains in custody awaiting a bail hearing.

He is charged with theft of trust property.

Prosecutors have listed an alternative charge of contravening the Money Laundering and Proceeds of Crime Act.

The National Prosecuting Authority said Li abused his position of trust while serving as chief finance officer and commercial manager of San Ding Lithium.

Li had “full authority over core corporate operations which include funds collection, disbursement, financial supervision, commercial settlements, payments approval and full control over the company finances,” the NPA said, adding that the position “was one of trust and fiduciary responsibilities.”

It is alleged that after joining the company in 2022 and injecting US$630,000 as a personal investment, Li and an alleged accomplice, Zhu Guozhonga, siphoned millions of dollars from the company.

“Without the complainant and other directors’ knowledge the accused and his accomplice… misappropriated funds by using fake and or forged receipts and invoices to legitimise his loot,” it is alleged.

The pair allegedly diverted about US$3.65 million intended for company operations “to their personal use,” causing the company’s operations to grind to a halt.

The state further alleges that the two men sold two company-owned Toyota Hilux double-cab vehicles and converted the proceeds to their personal use.

The suspects resigned from the company in January 2024, allegedly without completing formal handover procedures or surrendering financial records.

“The accused was also intercepted by the complainant and one of the workers… whilst trying to carry some company financial records with him when he was resigning,” the NPA charges.

The complainant, identified as Chen Dehua, a director of San Ding Lithium, allegedly spent more than two years trying unsuccessfully to recover the records and establish what had happened to the company’s money.

“The complainant tried to contact the accused persons to resolve this issue but over two years have passed while the accused are avoiding any communication or cooperation in submitting the financial records and resultantly the complainant doesn’t know where the company funds are sitting,” prosecutors said.

The alleged prejudice amounted to US$3.65 million, prosecutors said.