Maravi

(NEWZIMBABWE) Mawere unlikely to regain control of companies: report

Mawere unlikely to regain control of companies: report
By: TH-TZG
Posted: Tuesday, June 1, 2010 11:16 am

SELF-EXILED businessman Mr Mutumwa Mawere is unlikely to regain control of companies such as Shabanie Mashava Mine, despite the recent announcement of his de-specification.

A report in The Herald newspaper quotes a State-appointed administrator Mr Afaras Gwaradzimba saying reconstruction of the mine would continue despite the de-specification of Mr Mawere.

Mr Gwaradzimba said the reconstruction was being done under a different legal statute from the one used to de-specify the businessman.

Reconstruction is being done under the Reconstruction of State Indebted and Insolvency Companies Act while de-specification was through the Prevention of Corruption Act.


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"Mr Mawere was de-specified and that has nothing to do with the reconstruction process.

"It is the State that has de-specified him and that will not affect my work to reconstruct SMM," said Mr Gwaradzimba, who was appointed administrator six years ago.

He declined to comment on the implications of the de-specification.

However, the de-specification means that it is now difficult for Mr Gwaradzimba to to continue with his High Court application that Mr Mawere be held culpable for SMM’s demise.

Mr Gwaradzimba had submitted that the businessman’s externalisation of asbestos export proceeds to the tune of about US$20 million had contributed to SMM’s collapse.

Home Affairs Co-Ministers Kembo Mohadi and Giles Mutsekwa last week de-specified businessmen Mawere, James Makamba and John Moxon.

Some of the businesses Mr Mawere had interests in included Zimre, CFI Holdings, Turnall, Steelnet, General Beltings, Schweppes Zimbabwe Limited, Fidelity Life Asset Management, and NicozDiamond among others.

In previous court attempts to regain control of these business interests, Mr Mawere’s applications were dismissed on the basis that he had not sought leave from Mr Gwaradzimba and the investigator, Mr Kenneth Saruchera, as required by the law.

With specification lifted, Mr Mawere can now — technically — pursue the court challenges without seeking leave from either Mr Gwaradzimba or Mr Saruchera.

Mr Mawere fled to South Africa in 2004 when the State began investigating allegations that he had externalised foreign currency.

Labels: AFARAS GWARADZIMBA, MUTUMWA MAWERE, SHABANIE MASHABA MINES

posted by MrK @ 1:15 AM