Online Reporter
Herald Reporter
“It is ordered that: The matter be and is hereby struck off the roll with costs for want of leave to appeal,” reads part of the Supreme Court judgement.
Three members of the Supreme Court judges of appeal bench heard the matter.
Ferrochrome producer Zimasco (Pvt) Ltd has scored yet another victory in its ongoing corporate rescue wrangle after this ruling, which gives the mining entity some relief.
Before this appeal, a High Court interdict had prohibited Manase from acting as a corporate rescue practitioner for Zimasco.
The Supreme Court ruling ensures that the High Court interdict remains in place and binding pending the hearing of its application for a declaration that the court order appointing Wilson Manase as corporate rescue practitioner for Sinosteel Zimasco (Pvt) Ltd did not apply to Zimasco (PVT) Ltd.
In its court papers, Zimasco (Pvt) Ltd reiterated that it is not related to Sinosteel Zimasco (Pvt) Ltd, against whom the corporate rescue order was granted, and has had no business or financial dealings with Avim Investments.
The mining company further argued that the documents used by Avim Investments to obtain the court order were forged and presented to the court with the intention to fraudulently gain control of Zimasco (Pvt) Ltd and its assets.
Zimasco is one of Zimbabwe’s leading ferrochrome producers with a long history and presence in the country’s mining sector.
The company is engaged in a battle to thwart attempts by Avim Investments to take over the prominent mining and chromite ore smelting company.
Meanwhile, Zimasco is pursuing its application for a declarator and, in the alternative, rescission or setting aside of the court order, given that the court papers were never served.
Zimasco (Pvt) Ltd assured its stakeholders that its operations remain stable and viable.
