ZIMASCO Fights Back Against Alleged Takeover Attempt

ZIMASCO, one of Zimbabwe’s foremost chrome mining and smelting companies, is fighting back against what it describes as a calculated attempt by three Kwekwe-based businessmen to seize control of the company, spurred by a flawed court order. The High Court action has sparked a legal battle that could have serious implications for the company’s future.

The controversy began when Avim Investments, led by businessman Shepard Tundiya, reportedly secured a court order that seemingly allowed them to take over Sinosteel Zimasco, an entirely separate company, instead of ZIMASCO (Pvt) Ltd. Despite the clear discrepancy in names, Tundiya, alongside lawyer Wilson Manase and businessman Denny Marandure, allegedly attempted to enforce the court order against ZIMASCO.

On March 17, the trio made an aggressive move by instructing Ecobank to change the account signatories to their favour. However, the bank refused to act on the order, highlighting the mix-up in the referenced company name. Undeterred, the businessmen arrived at ZIMASCO’s headquarters, presenting the same court order and pushing to take control of the company’s management. ZIMASCO, however, quickly rejected their efforts, emphasizing the mismatch in the names and blocking the attempted takeover.

ZIMASCO was also compelled to clarify recent reports claiming the company had been placed under judicial management, which had arisen from confusion over its similar name to Sinosteel Zimasco. The company insists that Tundiya secured a fresh court order specifically targeting them without their knowledge, prompting them to take immediate legal action to protect their interests.

In response to the dispute, ZIMASCO has filed an urgent application with the High Court to prevent the enforcement of the erroneous order. The company has also lodged formal complaints with the Judicial Services Commission (JSC) regarding the conduct of Justice Joel Mambara, who granted the order, and with the Law Society of Zimbabwe (LSZ) concerning the actions of lawyer Wilson Manase.

As the case unfolds, ZIMASCO remains steadfast in its defense, asserting that it is the victim of a case of mistaken identity and is committed to protecting its business from what it sees as an unlawful attempt to hijack its operations.