Renaissance drags ex-director Timba to court

In the summons filed at the High Court on November 2 by Afre lawyer Mr Joseph Mafusire of Scanlen and Holderness, the money should be calculated using the trading rates for the date of payment.

Mr Timba reportedly abused his powerful position in the company when he made decisions contrary to the institution’s interests.
According to the plaintiff’s declaration, on diverse occasions Mr Timba influenced Afre to stand as his guarantor or to issue him with scrip loans in respect of transactions for his personal benefit or for the benefit of other parties associated with him.

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Between February and March this year, Mr Timba is alleged to have “wrongly and unlawfully diverted and or negotiated over or ceded, transferred and delivered to third parties the plaintiff’s securities in other entities”.

When Mr Timba was confronted over the “unlawful conduct” between April and May this year, he allegedly undertook to restore the securities by June 30.
It is claimed that Mr Timba subsequently reneged on his undertaking and despite demand, he has refused to restore the securities. The summons was served on Mr Timba at his Borrowdale house last month.