Business / Companies
Russian tycoon risks losing key Zimbabwe assets
13 Dec 2013 at 01:04hrs | Views
Former RenCap country boss Terence Mukupe has dragged the investment group to the High Court seeking an order to garnish and attach the group's financial and fixed assets due to its failure to pay agreed transactional fees relating to, among others, empowerment compliance deals.
Mukupe cited Renaissance Group Limited, Renaissance Africa Mauritius, Renaissance Capital, Zimbabwe Platinum Holdings and Mimosa Mining Company, as first, second, third, fourth and fifth respondents respectively.
In his founding affidavit, Mukupe said he was keen on attaching Renaissance Group, Renaissance Mauritius and Renaissance Capital's property.
Mukupe, who was employed by Renaissance Group in August 2010, entered an agreement to terminate his employment with his employer in May 2012.
The transactional fees relate to funds owing to Renaissance Group and its subsidiaries from Zimplats and Mimosa empowerment deals.
Mukupe structured these transactions on behalf of his employer. As part of his severance package, Renaissance Africa Mauritius Ltd agreed to pay 10% of the net fee owing to Mukupe in the two empowerment transactions. Mukupe says the transaction fees are "fruits of his labour."
Mukupe says Zimplats has paid $5 million to Renaissance Capital, but he did not receive 10% of the payment as agreed. He wants the court to grant an order to attach the money.
Mukupe cited Renaissance Group Limited, Renaissance Africa Mauritius, Renaissance Capital, Zimbabwe Platinum Holdings and Mimosa Mining Company, as first, second, third, fourth and fifth respondents respectively.
In his founding affidavit, Mukupe said he was keen on attaching Renaissance Group, Renaissance Mauritius and Renaissance Capital's property.
The transactional fees relate to funds owing to Renaissance Group and its subsidiaries from Zimplats and Mimosa empowerment deals.
Mukupe structured these transactions on behalf of his employer. As part of his severance package, Renaissance Africa Mauritius Ltd agreed to pay 10% of the net fee owing to Mukupe in the two empowerment transactions. Mukupe says the transaction fees are "fruits of his labour."
Mukupe says Zimplats has paid $5 million to Renaissance Capital, but he did not receive 10% of the payment as agreed. He wants the court to grant an order to attach the money.
Source - business digest
