Supreme Court Grants Relief to Zimasco in Corpor...

Supreme Court Grants Relief to Zimasco in Corporate Rescue Dispute

Zim Now Reporter

The Supreme Court of Zimbabwe has granted interim relief to Zimasco (Pvt) Ltd, blocking Wilson Manase from imposing himself as the company's corporate rescue practitioner pending the outcome of an appeal.

This follows a lengthy legal dispute, beginning with a High Court interdict that barred Manase from the role. Despite this order, Avim Investments, linked to Shephard Tundiya, lodged an appeal, challenging the interdict.

Manase, who did not oppose the initial High Court order, approached Zimasco's bank seeking access to the company’s accounts, arguing that the appeal had suspended the interdict. In response, Zimasco filed an urgent application with the Supreme Court.

Justice Tendai Uchena heard the application and ruled that Avim Investments' appeal be fast-tracked for hearing. The court further ordered that, until the appeal is resolved, Manase must refrain from acting as the corporate rescue practitioner for Zimasco.

Zimasco has argued that the appeal by Avim Investments is an "opportunistic attempt to fraudulently access" its assets and accounts.

Additionally, Zimasco clarified that two High Court orders issued by Justice Mambara relate to Sinosteel Zimasco (Pvt) Ltd, a separate entity. Zimasco has filed a separate application to correct this misidentification.

The Chinese Embassy has expressed concern over the security of its investment in Zimasco and called on the Zimbabwean government to take swift action to prevent unlawful interference.

Zimasco has also filed a formal complaint with the Judicial Service Commission against Justice Mambara, alleging judicial misconduct and complicity in a scheme to unlawfully seize the company’s assets.