News / National
Delma Lupepe sucked in nasty mine dispute
01 Jul 2024 at 12:10hrs | Views
Former Amazulu Football Club owner and businessman Delma Lupepe is embroiled in a contentious legal battle over allegations of fraudulently acquiring Duive Enterprises Private Limited, a mining entity in Matopo District. The conflict involves accusations that Lupepe, along with a disgruntled shareholder Bekithemba Maphosa, seized control of Duive Enterprises, originally founded by Innocent Mlandu Siziba and other youths in 1999.
According to documents, Duive Enterprises initially ventured into gold mining in 2010 and subsequently applied for a Special Mining Grant at Nyadeni farm 1091, formerly known as Nugget Mine under Matopos National Parks. The company was awarded the grant in 2013, and a share structure was established among shareholders, with Siziba holding 7000 shares, including 6000 additional shares for his contributions.
Trouble arose in May 2014 when Maphosa allegedly attempted to alter the company's structure without consent, prompting legal action and police reports for fraud and forgery. Subsequently, Lupepe and a new set of directors purportedly took over Duive Enterprises through changes filed at the registry of companies and Ministry of Mines, claiming ownership.
Despite legal challenges and multiple court battles initiated by the original shareholders, Lupepe reportedly self-issued 80,000 shares in 2018 and continued operations under Duive Enterprises, including mining license renewals. The ongoing dispute underscores significant legal and regulatory challenges in the mining sector, with allegations of fraudulent takeovers and disregard for shareholder rights.
According to documents, Duive Enterprises initially ventured into gold mining in 2010 and subsequently applied for a Special Mining Grant at Nyadeni farm 1091, formerly known as Nugget Mine under Matopos National Parks. The company was awarded the grant in 2013, and a share structure was established among shareholders, with Siziba holding 7000 shares, including 6000 additional shares for his contributions.
Trouble arose in May 2014 when Maphosa allegedly attempted to alter the company's structure without consent, prompting legal action and police reports for fraud and forgery. Subsequently, Lupepe and a new set of directors purportedly took over Duive Enterprises through changes filed at the registry of companies and Ministry of Mines, claiming ownership.
Despite legal challenges and multiple court battles initiated by the original shareholders, Lupepe reportedly self-issued 80,000 shares in 2018 and continued operations under Duive Enterprises, including mining license renewals. The ongoing dispute underscores significant legal and regulatory challenges in the mining sector, with allegations of fraudulent takeovers and disregard for shareholder rights.
Source - newsday
