Online Reporter
Zvikomborero Parafini-Court Reporter
FORMER Renaissance Financial Holdings group chief executive officer, Patterson Fungai Timba, has been implicated in a US$5 million fraud storm dating back to 2018.
Timba, who was arraigned at Kadoma Magistrate’s Court on Monday facing fraud allegations, appeared before Harare magistrate Jessie Kufa yesterday and was remanded in custody.
He is expected back in court today for bail considerations.
The complainant is Jameson Rushwaya, a male adult residing at Glencair Mine, Blagdon Extension Farm, Kadoma, and is the director of Tolrose Mine in Kadoma.
Timba was a co-director of Torose Mine up to 2018.
Tolrose or Glencarn Mine is a gold-producing mine located in Mashonaland West Province’s Kadoma District and at Blagdon Farm. The mine has been involved in an ownership wrangle dating to 2010.
Prosecutors alleged that in February 2018, Timba was declared insolvent under case HC114/17. Despite him being declared insolvent by the High Court, he continued acting as a director of Tolrose Investments and his alter-ego company Swimming Pool and Underwater Repairs Private Limited to date.
As per Tolrose Investments articles of association, which were valid at the said year, any director placed under sequestration ipso facto ceases to be a director.
Despite this, Timba has allegedly continued to unlawfully pose as director of Tolrose Investments, transacting in such capacities.
In multiple cases, Timba allegedly deposed affidavits in the said capacity in violation of the law.
While being insolvent, Timba also fraudulently orchestrated and directed the sale of Rushwaya’s shares to himself through his alter ego company, using fabricated share certificates under the guise of setting a judgment debt owed to Tetrad Bank.
These affidavits fraudulently omitted his insolvency, deliberately misleading the courts to his detriment.
After Timba was declared insolvent, the Master of the High Court appointed Cecil Hondo Madondo as judicial manager of his estate. Rushwaya lost US$5 million and nothing was recovered.
