HARARE, Feb. 10 (NewsDay Live) – Former banker Patterson Timba has been remanded in custody by a Harare magistrate on allegations of fraud involving a botched US$5 million company shares deal.
A former ReNaissance Financial Holdings group chief executive officer, Timba appeared before Magistrate Jessie Kufa and was remanded in custody to tomorrow for a bail ruling.
The complainant is Jameson Rushwaya of Kadoma, a director of Tolrose Mine, Kadoma.Timba was a co-director of Tolrose Mine up to 2018.
Tolrose, also known as Glencam Mine, is a gold-producing mine located in Blagdon Farm, Kadoma District, Mashonaland West Province.
The mine has been embroiled in an ownership wrangle dating back to 2010.
The State alleges that in February 2018, the accused was declared insolvent under case HC 414/17. Despite this, he allegedly continued acting as a director of Tolrose and his alter ego company, Swimming Pool and Underwater Repairs (Pvt) Ltd, to date.
According to the articles of association of Tolrose, which were valid at the time, any director placed under sequestration ipso facto ceases to be a director.
Despite this, the accused allegedly continued to unlawfully pose as a director of Tolrose and transact in that capacity.
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It is further alleged that the accused deposed affidavits in this capacity in violation of the law in cases HCH 280/18, HC 7291/22, HC 5589/23, HC 5607/23 and KD 112/25, which are still pending.
The State also alleges that while insolvent, the accused fraudulently orchestrated and directed the sale of the complainant's shares to himself through his alter ego company, Swimming Pool and Underwater Repairs (Pvt) Ltd, using fabricated share certificates under the guise of settling a judgment debt owed to Tetrad Bank.
These affidavits allegedly omitted his insolvency status, thereby deliberately misleading the courts.The State further alleges that after the accused was declared insolvent, the Master of the High Court appointed Cecil Hondo Madondo as judicial manager of his estate.
As a result of the accused’s unlawful actions, the complainant allegedly suffered a financial loss exceeding US$5 million.
The matter was reported to the police after the complainant realised he had been duped.
