The High Court has granted Zimasco (Pvt) Ltd an interdict barring lawyer Wilson Manase from holding himself out as the company’s corporate rescue practitioner.
The matter, presided over by Justice Faith Mushure, is a major victory for Zimasco (Pvt) Ltd, whose management is opposed to how it says Manase attempted to position himself as the corporate rescue practitioner for Zimasco (Pvt) Ltd while using a court order against Sinosteel Zimasco (Pvt) Ltd, a company said to have no ties or relationship to Zimasco (Pvt) Ltd.
Zimasco (Pvt) Ltd is fighting to block what it sees as attempts by a Kwekwe-based businessman Shepard Tundiya, through his company Avim Investments, to seize control of the mining company. This follows a high court order that Avim secured that may see the takeover of one of the country’s largest mining and chromite ore smelting companies. The order, issued by High Court judge Joel Mambara, was allegedly directed at Sinosteel Zimasco (Pvt) Ltd, which the company registry shows is separate from Zimasco (Pvt) Ltd.
Officials at Zimasco (Pvt) Ltd say the company is not in financial distress and say Avim Investments (Pvt) Ltd is not a creditor. The documents used by Tundiya to obtain the court order against Sinosteel Zimasco (Pvt) Ltd have no bearing on Zimasco (Pvt) Ltd, officials say.
In the latest ruling, the High Court granted the interdict pending the return day where Zimasco (Pvt) Ltd’s application for a declaration that it is not Zimasco Sinosteel (Pvt) Ltd or in the alternative rescission of the court order on the basis that it was never served on it and it has a sustainable defence on the merits.
