Kuvimba Mining House ownership, assets, reports raise a sting in Parliament

On where the company is registered and what its sister or sub companies are, the company is registered in Zimbabwe.  The company’s sister companies are as follows:

• Zimbabwe Alloys Limited;
• Freda Rebecca Gold Mine;
• Shamva Mining Company (Pvt) Ltd;
• Bindura Nickel Corporation;
• Great Dyke Investments (Pvt) Ltd;
• Jena Mines Mineral (Pvt) Ltd and
• Mineral Development (Pvt) Ltd
• Sandawana Mines.

Mr. Speaker, the other shareholders are as explained earlier on and the directors of the company have not changed save for two resignations in 2021 and 2022.  On the current asset value, I presume the Hon. Member is seeking to ascertain the company’s net value.  The company is in the process of finalising its audited accounts which will inform its current asset value.  To further confirm whether a tender was issued, ZMDC went into a joint venture arrangement relating to some of its distressed non-performing assets which were reeling under severe debt. 

Mr. Speaker Sir, employees in the affected companies faced job losses as the companies were unable to pay salaries to its own workers.  ZMDC took the action in order to provide an opportunity to resuscitate operations and enable the companies to contribute to the economy by bringing them back to production.  The procurement and consummation of the transaction was done in terms of the Joint Ventures Act (22:22) which is the predecessor to the Zimbabwe Investment Development Agents Act.  That is the procurement method which was accepted under the applicable legal regime at the time.  I submit for now Hon. Speaker. 

HON. MARKHAM:  My supplementary question is that in a court case in South Africa, the directors were listed as David Brown, Joseph Clifford Bare, Christian Alexander Weber, John Finlson and Ronald Sinclare…..

THE TEMPORARY SPEAKER:  With all due respect Hon. Markham, is that court case in South Africa still on or not.

HON. MARKHAM: It is finished.  The companies listed in a court case are seven South African companies, my point is these companies do not and are not reflected here in Zimbabwe.  What are South Africans doing running Kuvimba which is supposed to be our assets?  Do we not have someone good enough in this country to represent our assets? 

In the said court case, the affidavit was signed by one Kuda Tagwirei and his report has nothing to do with that.  It is actually, obviously a different company.  So, could the Minister explain how we got from that situation to the current situation with registered people that he is talking about in Zimbabwe?  I thank you.   

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