HomeLocal NewsMarange ordered to submit financial records

Marange ordered to submit financial records

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High Court judge Justice Chinembiri Bhunu has ordered Marange Resources to submit its financial records covering the period when the latter partnered Core Mining and Mineral Resources to form Canadile Miners to date.

The order was made yesterday after the defence in the continuing trial of Core Mining director Lovemore Kurotwi and former Zimbabwe Mining Development Corporation (ZMDC) chief executive Dominic Mubaiwa, argued that Core Mining’s equipment was still being used and government was realising income from it.

“We require the whole financial records of Marange Resources and their operations with Core Mining and not just the portions of the statements,” Kurotwi’s lawyer Beatrice Mtetwa said.

Kurotwi and Mubaiwa are accused of causing potential prejudice investment loss of $2 billion to the government after allegedly misrepresenting facts that led to the formation of Canadile Miners which was later disbanded, prompting the current charges against the pair.

But the defence team of Mtetwa and Advocate Lewis Uriri, who is representing Mubaiwa, argued that the government never suffered any prejudice since Core Mining’s assets and equipment were still in Marange’s custody.

Marange Resources finance executive Simbisai Wilfred Munemo, a former Canadile finance manager, was, however, not allowed to continue with his testimony following an objection by the defence.

The objection came after Munemo just after taking to the witness stand, started referring to extracts of Marange’s financial records, prompting the lawyers to demand the full financial records to which Justice Bhunu consented and ordered that they be availed.

ZMDC board member Alvin Dumisani Ncube told the court that as of July 20, 2009, ZMDC was not ready to enter into a partnership with any diamond mining firm.
However, a month earlier, Ncube said Mines minister Obert Mpofu wrote to President Robert Mugabe recommending partnership with an Israeli diamond firm Beny Steinmetz Group Resources (BSGR).

Asked by Justice Bhunu if Kurotwi and Mubaiwa made any misrepresentations to the government, Ncube said that the pair failed to disclose after a due diligence report was compiled that BSGR was no longer funding Core Mining operations.

The trial was adjourned to Monday next week to allow Munemo to avail Marange Resources financial reports.

Chief law officer Chris Mutangadura and Public Mpofu represented the State.

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