Justice Faith Mushure, a High Court judge, has reserved her ruling in a case where mining giant Zimasco (Pvt) Ltd is challenging a potential takeover by businessman Shepherd Tundiya’s Avim Investments (Pvt) Ltd.
Justice Mushure has also instructed the Master of the High Court to suspend the corporate rescue proceedings until a decision is made on the matter.
Zimasco approached the High Court to prevent Tundiya from taking control of the company. This came after a recent ruling by the same court that seemingly granted Avim Investments the right to take over the renowned mining and chromite ore smelting company.
The order, issued by Justice Mambara, appeared to target Sinosteel Zimasco (Pvt) Ltd, a different, unregistered entity, as confirmed by a search in the company registry. Despite this, Tundiya, along with Wilson Manase and businessman Denny Marandure, allegedly attempted to seize control of Zimasco’s bank accounts at Ecobank by instructing the bank to change the signatories to their own.
However, the bank refused to follow these instructions, stating that the court order did not apply to Zimasco (Pvt) Ltd. Additionally, the order had not been served to Zimasco directly, but was instead delivered to the bank.
After the bank’s refusal, Tundiya and his associates went to Zimasco’s head office, claiming they had the authority to take over the company’s management under the contested court order. Zimasco’s management rejected this claim, pointing out that the order was directed at Sinosteel Zimasco (Pvt) Ltd, not Zimasco (Pvt) Ltd.
Subsequently, Avim Investments, with the support of Kwande Legal Practitioners, filed an application to amend the court order, clarifying that Sinosteel Zimasco (Pvt) Ltd was operating as Zimasco (Pvt) Ltd. Justice Mambara granted this application.
Zimasco, however, argued that it was never properly notified, despite being a key party in the case.
After the order was modified, Manase and his associates made another attempt to take control of Zimasco’s accounts. Ecobank again refused, stating that the order applied to Sinosteel Zimasco (Pvt) Ltd, not Zimasco (Pvt).
This led to the filing of the current urgent court application. Additionally, Zimasco has lodged formal complaints with the Judicial Service Commission regarding Justice Mambara’s conduct in the case, as well as with the Law Society of Zimbabwe against Manase & Manase and Kwande Legal Practitioners for alleged unethical behavior.
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