Online Reporter
Business Reporter
PROMINENT lawyer Mr Wilson Manase has withdrawn his nomination as the co-corporate rescue practitioner for the diversified resource firm, RioZim.
In a letter addressed to the Registrar of the High Court, Mr Manase formally communicated his decision.
The letter reads: “We place on record a letter that was served on us by one of the nominated corporate rescue practitioners, Wilson T. Manase, wherein he is withdrawing his nomination,” but it did not specify the reason for his withdrawal.
Mr Manase had been co-nominated alongside Mr Knowledge Hofisi.
His withdrawal means Mr Hofisi is now the sole nominated corporate rescue practitioner for the firm.
The application for RioZim’s corporate rescue was lodged by some of the company’s workers, represented by the Zimbabwe Diamond and Allied Minerals Workers union (ZDAMWU).
The union argued that RioZim was facing severe operational and financial challenges, asserting that corporate rescue was the only mechanism that could save it from collapse.
The case is one of several high-profile corporate rescue matters currently before the courts.
Mr Manase was also nominated as the corporate rescue practitioner for ZIMASCO, and both that case, along with the RioZim matter, are still awaiting determination by the courts.
Listed on the Zimbabwe Stock Exchange, RioZim, which operates key gold mines (including Renco and Cam & Motor) and holds interests in diamonds and coal, has been struggling with mounting debt, operational inefficiencies, and significant losses, leading
the union to petition the court to safeguard the company’s assets and worker interests.
