Ownership row erupts at Bulawayo safari firm

A bitter dispute over ownership and management at African Dream Safaris (ADS) has escalated to the courts, with shareholder Timothy Schultz accused of unilaterally altering the company's shareholding and directorship structure while removing assets from the business.

Schultz allegedly registered 50% of the company's shares in his name and the remaining 50% in his wife's name without the knowledge or consent of the majority shareholders. He appeared in court on February 4 and was granted US$500 bail, with the case set to resume on March 3.

Company records indicate that Schultz holds a 25% stake in Adverique Investments (Pvt) Ltd, which trades as ADS, while the remaining 75% is shared equally among three other shareholders: Martin Pieters, Southern Estate Ranching, and Algernon Trust.

The dispute centers on allegations that Schultz acted independently in ways that jeopardized the company's assets and governance. In a letter dated November 20, 2025, the three majority shareholders, through legal representatives Titan Law, raised concerns over actions allegedly taken by Schultz without their consent.

Among the complaints is a meeting allegedly convened by Schultz without prior notice, which the majority shareholders described as irregular. Following the meeting, Schultz is accused of removing company assets, records, and other documents from ADS premises. The lawyers also allege that Schultz and his wife withdrew approximately US$60,000 from company bank accounts without shareholder approval.

Additional concerns include changes to the company's shareholding and directorship structure, as well as the creation of social media accounts in the company's name, which the majority shareholders claim could mislead clients and business partners. Titan Law also challenged Schultz's claim that, as founder of ADS, he had authority to act independently, stressing that corporate affairs are governed by shareholder agreements and applicable law. The lawyers warned that misrepresenting the company's shareholding with the Registrar of Companies could constitute a criminal offense under the Companies and Other Business Entities Act.

After failed attempts to resolve the matter through engagement, the majority shareholders expressed a desire to exit the business. They proposed selling their combined 75% stake to Schultz, subject to agreement on price, or alternatively to a third party.

The dispute unfolds against a backdrop of separate legal challenges involving Schultz, including court cases over alleged cattle theft and illegal hunting charges brought by the Zimbabwe Parks and Wildlife Management Authority. While these cases are unrelated to the Adverique dispute, the majority shareholders' lawyers cited them as a potential reputational risk to the business.

Schultz declined to comment in detail, citing ongoing legal proceedings. "The matters you refer to are currently before the courts and are the subject of ongoing legal proceedings," he said. "It would, therefore, be inappropriate and irresponsible for me to comment on, rebut, or debate specific allegations outside the judicial process. I fully respect the rule of law and the constitutional presumption of innocence, and I will address all issues in the appropriate forum."

The March 3 hearing is expected to provide further clarity on the ownership and governance of ADS, which has been a prominent player in Zimbabwe's safari and tourism sector.