Breaking News

Mawere appeals to Mutambara

by Staff reporter
01 February 2013 | 4658 Views
Zimbabwe-born South African businessman Mutumwa Mawere has appealed to Deputy Pime Minister Arthur Mutambara to resolve a longstanding dispute on the ownership of Shabani Mashava Mines.

According to a letter dated January 30 2013, Mawere petitioned Mutambara to intervene following the restructuring of the asbestos miner's shareholding which resulted in the government, through the Zimbabwe Mining Development Corporation, taking over his firm African Resources Limited's shareholding.

The correspondence was reportedly following up on a meeting between Mutambara and Mawere.

Mawere, according to the letter, has also sought audience with Finance minister Tendai Biti to regain control of the mining group.

SMM was specified on August 26 2004 in terms of the Prevention of Corruption Act resulting in the government appointing Afaras Gwaradzimba administrator to run the affairs of the company following concerns that the firm was heavily exposed.

"Another matter that prompted us to seek an audience with Hon (Tendai) Biti relates to the indebtedness of SMM to Petter to the tune of about R28 million (equivalent). SMM was indebted in the ordinary course of business to Petter and the amount outstanding prior to reconstruction appears to have been ignored by the Administrator (Gwaradzimba) in formulating the scheme that was approved by the judge," reads the letter in part.

"To the extent that the majority shareholder of SMM, Nicdale, is a company that falls ultimately under the control of the Minister of Finance on account of the fact that the shareholder of record is the RBZ, we felt that it is critical that we establish from the Ministry of Finance the precise role the RBZ (Reserve Bank of Zimbabwe) has played in the SMM matter. In light of the fact that we have not been able to reach Hon Biti, we would be grateful if you could kindly assist in resolving this matter."

In October last year, SMM took Mawere to court demanding R18 million which he allegedly fraudulently acquired. In it's application heard before the South African High Court, SMM submitted that Mawere and another former director Nathan Mariemuthu, devised a scheme in which two South African firms withheld money due to SMM during a time the two were at the helm of the mining firm.

The suit, according to media reports, followed an agreement entered in 2004 by Southern Asbestos Sales that used to be a marketing arm of SMM in South Africa, to pay Petter Trading money owed by SMM in mining equipment supplies.




"You will appreciate that in restructuring the shareholding of SMM pursuant to the operation of the Act, the claims of Petter (Trading) were not taken into account. For your information, there are other South African creditors whose claims have also been ignored," Mawere said.

"Any transparent reconstruction process would necessarily have to take into account, without favour or prejudice, all the rights of the creditors and members of the target company yet in this case it would appear that bias slipped into the process."

Mawere Mutambara

Source: newsday

Does Prophet Magaya's anointing oil work?

Yes
18.2%
No
69.59%
Spiritual matters
12.21%
467

Comments

News Updates

Email:

Latest News

Gibson Sibanda's son arrested

by Stephen Jakes | 06 March 2015 | 2543 Views

Women shoulder the burden of the nation - The 8th of March is the worl...

by Themba Mthethwa | 06 March 2015 | 546 Views

Silalatshani farmers expect good harvest this year

by Stephen Jakes | 06 March 2015 | 879 Views

Truworths fall on hard times

by Tholakele Zhou | 06 March 2015 | 1237 Views

Pig production to increase by 28%

by Tholakele Zhou | 06 March 2015 | 757 Views

Zimbabwe to import 5000 heifers

by Tholakele Zhou | 06 March 2015 | 1170 Views

Zimbabwe is a safe destination - Obert Mpofu

by Tholakele Zhou | 06 March 2015 | 889 Views

'Rebel' MPs agents of Zanu PF, face recall from Parly - MDC-T - BULAW...

by Stephen Jakes | 06 March 2015 | 1901 Views

CSC to pay 205 workers over $453 100 - COLD STORAGE COMPANY has been ...

by Stephen Jakes in Bulawayo | 06 March 2015 | 1109 Views

Workers go for 1 year 1 month without pay - Over 150 workers at the Ro...

by Stephen Jakes | 06 March 2015 | 1466 Views

Companies in trouble for snubbed Mugabe bash - Zanu PF Deputy Secretar...

by Staff Reporter | 06 March 2015 | 2460 Views

Criticism of Bosso fans borders on tribalism - Highlanders supporters ...

by Staff reporter | 06 March 2015 | 2087 Views

Macheso, Madzibaba reunite for shows - Alick Macheso and Nicholas Zaka...

by Staff reporter | 06 March 2015 | 1242 Views

Wife cheating with neighbour - A man is at loggerheads with his wife w...

by Prosper Dembedza | 06 March 2015 | 3572 Views

Wife-bashing backfires - Wife-bashing backfired for member of the Cent...

by Court Reporter | 06 March 2015 | 1839 Views

MDC MPs risk losing their Parly seats - Speaker of the National Assemb...

by Staff reporter | 06 March 2015 | 1915 Views

Miscarriage after aunt kicks privates - A BULAWAYO woman miscarried af...

by Thubelihle Mabhena | 06 March 2015 | 2003 Views

Nurse beats up pastor husband - A NURSE who allegedly beat up her past...

by Thubelihle Mabhena | 06 March 2015 | 1935 Views

Prophet Makandiwa loses building to council - HARARE City Council has ...

by Staff reporter | 06 March 2015 | 1998 Views

Man fails to rape daughter, stabs wife - A 49-YEAR-OLD man from Ntabaz...

by Thubelihle Mabhena | 06 March 2015 | 1460 Views

Zimbabwe takes over deportation centres - Government has taken over th...

by Staff reporter | 06 March 2015 | 1632 Views

Govt official fired for altering pays

by Staff reporter | 06 March 2015 | 1213 Views

Opening of Zimbabwe airwaves a 'charade' - The licensing of State-alig...

by Staff reporter | 06 March 2015 | 584 Views

RBZ releases creditors' list - The Reserve Bank of Zimbabwe has publi...

by Tholakele Zhou | 06 March 2015 | 1050 Views

No more cash from Chiadzwa, says Chinamasa - Government is no longer g...

by Staff reporter | 06 March 2015 | 1180 Views

Zimbabwe widens spying on citizens - Government has come up with a new...

by Staff reporter | 06 March 2015 | 1575 Views

Mnangagwa commends Grace Mugabe - Vice President Emmerson Mnangagwa, ...

by Staff reporter | 06 March 2015 | 1100 Views

Lovemore Madhuku calls for demos - Constitutional law expert Lovemore...

by Staff reporter | 06 March 2015 | 665 Views

Croco Motors punished over Mujuru - Government is cracking down on a l...

by Staff reporter | 06 March 2015 | 1482 Views

Mahofa fails to climb stairs, office shifted - The Minister of State f...

by Staff reporter | 06 March 2015 | 1330 Views

Entertainment

Mtukudzi on national tour - Despite a health setback that affected one...

by Tawanda Marwizi and Nyasha Chamwaura | 06 March 2015 | 556 Views

Thomas Mapfumo's Danger Zone Album Now Freely Available To The Public ...

by Joram Nyandoro | 06 March 2015 | 736 Views

Skyz Metro FM promises to shake airwaves - SKYZ Metro FM, the newly li...

by Senzeni Ncube | 05 March 2015 | 1267 Views

TV Programme Concepts Requirements - Dear independent producers,Thank ...

by Staff reporter | 03 March 2015 | 2258 Views

Fireworks expected on the Easter Weekend in UK

by Staff Reporter | 03 March 2015 | 1352 Views

DStv annual price increase effective 1 April 2015 - MultiChoice Afric...

by Mafu Sithabile | 02 March 2015 | 4558 Views

Popular Zim dancehall chanter arrested for fraud

by Liberty Dube | 27 February 2015 | 4880 Views
iBlog

The Nsa Gets An Ok For Telephony Metadata Collection Yet Again

As much as we’d like to forget about the national security agency (nsa) and its mass surveillance program, it seems that there is no distracting ourselves from this unnerving reality.missing from the news for quite some time now, the issue has resu... Read More
SecNews 09 July 2014 ago

Those Behind Tb Joshua Watch Photo Proof!

when this couple (dave and angie) were indicted of being the masterminds behind tb joshua watch, the blog admins refuted it and denied any sort of connections with the couple, but that’s not what the facts portray as precisely every single one ... Read More
pointblank 13 July 2014 ago