Breaking News

Mawere appeals to Mutambara

by Staff reporter
01 February 2013 | 4561 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

Could there be war if Grace Mugabe becomes President?

Yes
71.64%
No
11.19%
Who cares?
17.16%
134

Comments

Latest Classifieds (Click Here For More)

News Updates

Email:

Latest News

Zimbabwe, Zambia to launch pilot uni-visa - The government will launch...

by Staff reporter | 20 October 2014 | 1446 Views

MDC-T youths bay for suspended Hlalo's blood - Members of the MDC-T Bu...

by Makhosi Sibanda | 20 October 2014 | 1307 Views

Another NRZ train derails - A Victoria Falls-bound National Railways o...

by Lesley Moyo | 20 October 2014 | 1325 Views

Grade 7 boy hangs himself on burglar bar - A Grade 7 boy at Senzangakh...

by Staff Reporter | 20 October 2014 | 2213 Views

Ambassador Nyamupinga dies at 65 - A career diplomat who served in Aus...

by Staff Reporter | 20 October 2014 | 2420 Views

Econet buys Telecel - Econet Wireless Global (EWG) has acquired the a...

by Staff reporter | 20 October 2014 | 3846 Views

Man jailed for battering his 'loose' sisters

by Court reporter | 20 October 2014 | 2118 Views

'Hungry' man in trouble for robbing Good Samaritan - A CHITUNGWIZA m...

by Staff Reporter | 20 October 2014 | 1849 Views

South Africa extends ZSP appointment dates deadline! - The new deadli...

by ZIM-ID (SA) | 20 October 2014 | 4309 Views

Mother of six 'shocked' to death after getting BCC bill

by Staff Reporter | 20 October 2014 | 4857 Views

7 years behind bars for reckless kombi driver

by Staff Reporter | 20 October 2014 | 2571 Views

5 highway patrol cops in soup - Five National Highway Patrol cops have...

by Staff reporter | 20 October 2014 | 3862 Views

Man in trouble for selling crocodile eggs

by Staff reporter | 20 October 2014 | 2790 Views

Grace Mugabe lashes at Ray Kaukonde - Video - Robert Mugabe's wife Gra...

by Staff reporter | 20 October 2014 | 3433 Views

How many insults are the people of Matabeleland going to stomach? - IT...

by Nomazulu Thata | 20 October 2014 | 2839 Views

'Help me find my father' - WhatsApp update

by Concerned Citizen | 20 October 2014 | 2244 Views

Crisis of expectation in the MDC formations - The current goings on in...

by Stewart Murewa | 20 October 2014 | 1761 Views

Death threats against Grace Mugabe mount - Report

by Itai Mushekwe/ Mary-Kate Kahari | 20 October 2014 | 9960 Views

Politburo gags Gumbo - As faction fighting intensifies, the Zanu-PF se...

by Staff reporter | 20 October 2014 | 4047 Views

Welcome to abject poverty dumped minister Dzikamai Mavhaire! - The fa...

by Wilbert Mukori | 20 October 2014 | 5072 Views

Grace Mugabe to deputise hubby before taking over next year - Grace Mu...

by Staff reporter | 20 October 2014 | 5247 Views

Kingdom bank crisis continues as people spend nights for $50

by Business reporter | 20 October 2014 | 1565 Views

Pastor ordered to pay $80 maintenance

by Staff Reporter | 20 October 2014 | 2194 Views

Zanu-PF MP accused of grabbing conservancy - Zanu-PF Kariba MP Isaac M...

by Staff reporter | 20 October 2014 | 1009 Views

Mugabe backs Grace over Mujuru attacks

by Staff reporter | 20 October 2014 | 7962 Views

City man offers $10 for upkeep of 4 children

by Court reporter | 20 October 2014 | 1206 Views

Ezra 'Tshisa' Sibanda eyeing Bosso post?

by Staff reporter | 20 October 2014 | 3724 Views

Jostling for posts at Bosso begins - JOSTLING for positions at Bulaway...

by Sikhumbuzo Moyo | 20 October 2014 | 1655 Views

Entertainment

Zim representative in the Big Brother Africa survives eviction - Zimba...

by Staff reporter | 20 October 2014 | 1129 Views

Grace Mugabe's political comedy takes ZTV hostage - For the past two w...

by Staff reporter | 20 October 2014 | 3200 Views

Oliver Mtukudzi to deliver lecture at Musica 2014 - Zimbabwe's interna...

by Staff reporter | 19 October 2014 | 911 Views

Gezha maoko - Ladybee (Official Video)

by Staff Reporter | 19 October 2014 | 1543 Views

Matebeleland Music & Arts Festival - Sivala umnyaka ngengoma lapho sit...

by Staff Reporter | 17 October 2014 | 1419 Views

Obediah Matulana releases Christmas DVD - Bulawayo-based musician Obed...

by Staff reporter | 16 October 2014 | 1589 Views

Grace Mugabe honoured in song - Dancehall outfit Final Warning has rel...

by Tawanda Marwizi | 15 October 2014 | 2057 Views

US firm makes money off Zimbabwe concept - United States transport sh...

by Staff reporter | 14 October 2014 | 2611 Views
iBlog

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

Protect Your Greatest Small Business Asset: Time

if your work week is way more than 40 hours, your smartphone is glued to your hand, and your to-do list is multiple pages of overdue tasks—you know how valuable every minute of your time is.your smartphone and tablet make doing business from anyw... Read More
Sergey 05 September 2014 ago