By Desmond Chingarande
A local company, Globe Trot (Private) Limited has approached the High Court seeking to recover US$50 000 that was advanced to Probadek Investments as capital following a failed potential joint venture mining business inside Redwing Mine concession.
The company through its lawyers, Masiya-Sheshe & Associates, filed summons at the High Court seeking refund.
Globe Trot cited Probadek together with its directors Patricia Mutombgwera and Grant Chitate as the respondents.
In its founding affidavit Globe Trot, on or about October 2020, agreed to enter into a joint venture agreement which resulted in them advancing US$50 000 to Probadek as capital amount for the intended joint venture agreement.
According to court papers on October 28, 2020 Probadek, Mutombgwera and Chitate, acknowledged their indebtedness to Globe Trot in the sum of US$50 000.
The respondents further undertook to pay the whole amount in full on or before the 30th of December 2020 if the parties failed to conclude the joint venture agreement. The intended joint venture did not materialise and Globe Trot communicated this to the respondents and went on to demand its US$50 000.00.
“In material breach of the acknowledgement of debt, the defendants have failed to repay the said amount. Despite demand, the defendants have failed, refused or neglected to pay the whole amount owing and they remain in mora, ” Globe Trot submitted.
The matter is still pending.
The development come after the High Court judge, Justice Tawanda Chitapi dismissed Probadek Investment’s urgent application to stop Redwing Mining Company (Redwing) from cancelling its mining contract and subsequently signing agreements with two other tributary investors.
Mutombgwera and Chitate then challenged Redwing’s decision to cancel their joint venture agreement and the granting of tribute agreements in favour of two other mining companies that were later given rights to mine at Redwing Mine.
Justice Chitapi ruled that “It is false to state that the claims belonged to Probadek. The claims belong to (Redwing) with Prime Royal Africa and Betterbrands which were granted rights to mine,” Chitapi ruled.
Probadek had tried to sue Redwing and its caretaker managers but it emerged in court that the former had failed to provide proof of funds in the sum of US$2 million to support the joint venture as had been requested by the Corporate Rescue Practitioner. As a result, the Corporate Rescue Practitioner terminated the joint venture agreement.