Online Reporter
George Maponga and Martin Kadzere
BUSINESSMAN Mr Mutumwa Mawere, who once controlled one of the world’s largest asbestos empires, has died.
He was 66.
Mr Mawere died at around 9am yesterday at the Mediclinic Sandton Hospital in Johannesburg, South Africa, where he had been receiving intensive medical care at the specialised facility for several months, family members and close business associates have confirmed.
His elder brother, Mr Vincent Mawere, confirmed the businessman’s death, saying the family was still awaiting full details of medical complications that led to his demise.
“I received the news that my brother passed on in South Africa, where he was staying. He suffered a stroke in 2024,” said Mr Mawere.
“I am still to get full details about what actually transpired.”
According to his close business associate, Mr Tichaona Mupasiri, the health crisis began on June 12, 2024, when Mr Mawere suffered a stroke during a dinner in Morningside, South Africa, after attending a court session in Johannesburg.
“It is a dark day for Zimbabwe,” Mr Mupasiri said. “He has gone to the Lord.”
Mr Mupasiri recalled that Mr Mawere complained of “seeing darkness” before collapsing.
“I was with him (when he suffered a stroke). “We called some guys to assist before we took him to the hospital,” he said.
“Ever since, he was in that situation, but he had begun to show signs of recovery and was eventually discharged from the hospital in July 2025 to continue receiving specialised treatment from his home.”
Mr Mawere spent the last few decades in South Africa, where he continued to run various businesses.
Mourners are currently gathered at No. 62 Cambridge Road, Bryanston, Sandton, to pay their respects.
Mr Mupasiri said the late businessman had remained a symbol of resilience despite his health and legal setbacks.
At the peak of his business power, the businessman built an empire that touched nearly every corner of the Zimbabwean economy, managing an extensive investment network primarily through his wholly-owned holding company, Africa Resources Limited (ARL), alongside investment vehicles such as Ukubambana-Kubatana Investments (UKI) and Endurite Properties.
The cornerstone of the industrial giant was the acquisition of asbestos mining assets, which provided the essential liquidity to fuel its aggressive expansion into a multitude of other sectors.
At the heart of his industrial operations was SMM Holdings, the parent company for the Shabanie Mine in Zvishavane and Gaths Mine in Mashava, which was the sole producer of chrysotile asbestos in Zimbabwe and a dominant force in the global market.
The vertical integration was strengthened by his significant stakes in Turnall, a leading manufacturer of fibre cement products like roofing and piping, and Steelnet Limited, which specialised in steel pipe manufacturing through Tube and Pipe Industries.
Complementing these heavy industries was his ownership of General Beltings, a key producer of industrial conveyor belts and rubber products essential for the mining sector.
Mr Mawere also secured major stakes in privatised State entities to build a robust financial services arm.
He founded First Banking Corporation (now FBC), which evolved into one of the country’s leading commercial banks.
His influence extended into the insurance sector, where, through UKI, he became the largest shareholder in reinsurance giant Zimre Holdings, subsequently overseeing the merger of Nicoz Insurance with his own Diamond Insurance Company to form the market leader Nicoz Diamond, while also unbundling Fidelity Life Assurance and establishing UKI Securities as a dedicated stockbroking firm.
His agro-industrial interests were further bolstered by FSI Agricom Holdings, which provided comprehensive supply chain solutions for farmers, and a significant interest in CFI Holdings, a group encompassing poultry production via Suncrest, retail through Farm & City, and specialised milling operations.
The reach of the ARL empire was rounded out by a sophisticated network of logistics, media, and professional services designed to support the group’s internal needs and the broader market.
This included Petter Transport and Logistics and Shipping Consolidated Holdings (SCH), which managed international forwarding between Durban and Zimbabwe, as well as Media Africa Group, the publisher of The Business Tribune and The Weekend Tribune.
These were supported by specialised firms such as Words and Images for public relations, Fortress Travel and Tours, Best Practices Management Consultants for human resources, and the heavy-duty trailer manufacturer, Tandem.
