ZIMASCO Seeks Urgent High Court Order To Block Illegal Takeover
ZIMASCO has filed an urgent High Court application to block attempts by Kwekwe-based businessman Shepard Tundiya to take control of the chrome mining and smelting company.
The High Court had recently granted an order to Avim Investments, a company owned by Tundiya, to take over ZIMASCO.
However, in its court papers, ZIMASCO argued that the order, issued by Justice Joel Mambara, was directed at a different, unrelated entity—Sinosteel Zimasco (Pvt) Ltd, which is not a registered company.
Despite the court order being issued against Sinosteel Zimasco, Tundiya, along with associate Wilson Manase and businessman Denny Marandure, allegedly attempted on March 17, 2025, to take control of ZIMASCO’s bank accounts at Ecobank by instructing the bank to change the account signatories to themselves.
According to ZIMASCO’s lawyers, the bank resisted this request, arguing that the court order did not apply to ZIMASCO (Pvt) Ltd.
After being blocked at the bank, Tundiya and his associates reportedly went to ZIMASCO’s head office in Harare, claiming they had taken over the company’s management and presented the court order. However, ZIMASCO’s management blocked their takeover attempt.
Avim Investments, with assistance from Kwande Legal Practitioners, allegedly filed an application to “correct” the court order, to reflect that Sinosteel Zimasco (Pvt) Ltd was operating as ZIMASCO (Pvt) Ltd.
Justice Mambara heard the application and granted the order without serving it to ZIMASCO, which is considered an interested party.
Armed with the “corrected” order, Tundiya and his associates again tried to direct Ecobank to transfer control of ZIMASCO’s accounts.
However, Ecobank refused once more, citing that the corporate rescue applied to Sinosteel Zimasco (Pvt) Ltd, not ZIMASCO.
Besides legally challenging the takeover bid, ZIMASCO has also filed a complaint with the Judicial Service Commission (JSC) regarding Justice Mambara’s handling of the matter.
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