News / National
Zimasco hostile takeover saga takes new twist
8 hrs ago | Views
The ownership dispute involving Zimbabwe's largest chrome mining and smelting company, Zimasco, has taken a decisive turn after the Supreme Court dismissed an appeal against a High Court interdict that barred lawyer Wilson Manase from operating as the company's corporate rescue practitioner.
The Supreme Court ruling effectively upholds the High Court's earlier decision in favour of Zimasco, maintaining that Manase cannot assume the role pending the resolution of legal questions over the legitimacy of his appointment.
Manase, a prominent lawyer, has been at the centre of controversy for allegedly backing Kwekwe businessman Shephard Tundiya's attempted takeover of Zimasco, citing the company's alleged financial challenges.
According to court documents, Manase reportedly obtained a High Court order earlier this year declaring him the corporate rescue practitioner of Sinosteel Zimasco (Pvt) Ltd, a separate legal entity from Zimasco. Using that order, he allegedly approached Zimasco management demanding access to company bank accounts — a move that was swiftly rejected by the firm.
Zimasco challenged the move in court, arguing that the order had been fraudulently obtained and that the company had not been properly served with legal papers. A different High Court judge ruled in favour of Zimasco, leading Tundiya's company, Avim Investments, to file an appeal at the Supreme Court.
That appeal has now been thrown out, leaving the High Court interdict in place.
In a statement, Zimasco confirmed that it is still pursuing a full legal challenge to nullify the earlier order appointing Manase, including an application for a declarator and, alternatively, for rescission or setting aside of the disputed judgment.
Zimasco maintains that it was never served with the initial court papers used to install Manase and insists the appointment was irregular and invalid.
The ruling marks a significant development in the ongoing wrangle over control of the chrome giant, which plays a key role in Zimbabwe's mining sector and is a critical player in the ferrochrome value chain.
The Supreme Court ruling effectively upholds the High Court's earlier decision in favour of Zimasco, maintaining that Manase cannot assume the role pending the resolution of legal questions over the legitimacy of his appointment.
Manase, a prominent lawyer, has been at the centre of controversy for allegedly backing Kwekwe businessman Shephard Tundiya's attempted takeover of Zimasco, citing the company's alleged financial challenges.
According to court documents, Manase reportedly obtained a High Court order earlier this year declaring him the corporate rescue practitioner of Sinosteel Zimasco (Pvt) Ltd, a separate legal entity from Zimasco. Using that order, he allegedly approached Zimasco management demanding access to company bank accounts — a move that was swiftly rejected by the firm.
Zimasco challenged the move in court, arguing that the order had been fraudulently obtained and that the company had not been properly served with legal papers. A different High Court judge ruled in favour of Zimasco, leading Tundiya's company, Avim Investments, to file an appeal at the Supreme Court.
That appeal has now been thrown out, leaving the High Court interdict in place.
In a statement, Zimasco confirmed that it is still pursuing a full legal challenge to nullify the earlier order appointing Manase, including an application for a declarator and, alternatively, for rescission or setting aside of the disputed judgment.
Zimasco maintains that it was never served with the initial court papers used to install Manase and insists the appointment was irregular and invalid.
The ruling marks a significant development in the ongoing wrangle over control of the chrome giant, which plays a key role in Zimbabwe's mining sector and is a critical player in the ferrochrome value chain.
Source - newsday
