HARARE, April. 11 (NewsDay Live) - ZIMASCO (Pvt) Ltd has won a Supreme Court appeal against businessman Shepherd Tundiya’s Avim Investments and its lawyer Wilson Manase, who had allegedly attempted a hostile takeover of the chrome mining and smelting company.
Manase had imposed himself as the company's corporate rescue practitioner.
In a judgment issued on Thursday, Justice Tendai Uchena ruled that: “The application for the interim relief and for the urgent hearing of the appeal filed under case number SC249/25 be and is hereby granted.
“The second respondent shall refrain from acting or conducting himself as a corporate rescue practitioner in terms of Part XXXIII the Insolvency Act [Chapter 6:07].
“The registrar of the High Court shall prepare the record of proceedings and forward it to the Registrar of the Supreme Court by the 25/04/25. (i) within five days of the receipt of the record by the registrar of this court, the registrar shall immediately invite the parties to file their heads of arguments.
“( ii) Thereafter, the registrar shall set down the appeal on the earliest available court date.”
Avim Investments, Manase, rhe master of the High Court and the Registrar of Companies were cited as the first to fourth respondents.
Following the takeover bid by Avim Investments, Zimasco said in a statement Friday, the Chinese embassy has written to the government of Zimbabwe raising concern over the security of its investment in Zimasco (Pvt) Ltd and urged the government to take necessary and decisive action to halt any unlawful infringement on its investment.
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Zimasco also said following the granting of an interdict by the High Court of Zimbabwe barring Manase, Tundiya’s Avim Investments filed a notice of appeal with the Supreme Court of Zimbabwe against the interdict, notwithstanding the fact that the interdict was against Manase.
“Surprisingly, Wilson Manase, who did not oppose the interdict application at the High Court, soon after Avim Investments’ appeal was filed at the Supreme Court, approached Zimasco (Pvt) Ltd’s bank demanding immediate access to Zimasco (Pvt) Ltd’s bank accounts on the basis that the appeal had suspended the High Court interdict earlier granted to Zimasco (Pvt) Ltd,” Zimasco said.
“This was resisted by the bank and brought to Zimasco (Pvt) Ltd’s attention, which then filed an urgent chamber application to the Supreme Court, for Avim Investment’s appeal to be heard urgently and for an interim relief for Wilson Manase to refrain from his conduct pending the hearing of the appeal.
“The urgent chamber application was heard yesterday (April 9, 2025) by Justice Uchena, who ordered that the appeal by Avim Investments be set down for hearing urgently and that pending the hearing of the appeal, Wilson Manase shall refrain from asserting or holding himself out as corporate rescue practitioner for Zimasco (Pvt) Ltd.
In a statement following the Supreme Court ruling, Zimasco said it is now waiting for the High Court to determine the matter.
“In Zimasco (Pvt) Ltd’s view, the appeal was filed in an opportunistic attempt to get a window to fraudulently access the assets and bank accounts of Zimasco (Pvt) Ltd.
“In addition, Zimasco (Pvt) Ltd wishes to inform all its stakeholders that the two High Court orders issued by Justice (Joel) Mambara apply to Sinosteel Zimasco (Pvt) Ltd, an unrelated entity and, therefore, cannot be enforced against Zimasco (Pvt) Ltd," Zimasco said.
