Online Reporter
Zvikomborero Parafini
FORMER Renaissance Financial Holdings Group CEO, Patterson Timba, has been implicated in a US$5 million fraud storm dating back to 2018.
Timba also appeared at Kadoma Magistrate’s Court on Monday facing rape allegations.
Yesterday, he appeared before Harare magistrate Jessie Kufa on fraud charges 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.
Timba was a co-director of Torose Mine up to 2018. Tolrose is a gold producing mine located in Mashonaland West.
The mine has been part of an ownership wrangle back dating to 2010.
Prosecutors alleged that in February 2018, Timba was declared insolvent under High Court case HC 114/17.
However, despite him being declared insolvent by the High Court prosecutors claim he continued acting as a director of Tolrose Investments and his other company Swimming Pool and Underwater Repairs (Pvt) Ltd, to date.
As per Tolrose Investments articles of association, any director placed under sequestration ceased to be one.
In multiple cases, according to prosecutors, Timba allegedly deposed affidavits as a director, which was in violation of the law.
The State claims Timba also fraudulently orchestrated and directed the sale of Rushwaya’s shares to himself.
The Master of High Court appointed Cecil Hondo Madondo as Judicial Manager of the estate of the Timba.
Rushwaya claims he lost US$5 million and nothing was recovered.
