Timba withdraws offer to sell majority shares to Goreraza

via Timba withdraws offer to sell majority shares to Goreraza – NewsDay Zimbabwe September 10, 2015

THE wrangle over control of Tolrose Mine in Kadoma has taken a new dramatic turn, with Patterson Timba withdrawing an offer to sell his majority shares to First Lady Grace Mugabe’s eldest son, Russell Goreraza.

Timba, in a bid to outdo his former partner Jameson Rushwaya, had sold his shareholding of the mine to Goreraza.

Timba’s shares were held under Swimming Pool and Underwater, his company.

The businessman recently wrote to Rushwaya’s lawyers, saying he no longer wanted anything to do with Goreraza’s company, Boulware Consulting.

According to a letter in the possession of NewsDay, Timba’s lawyers Atherstone and Cook wrote to Rushwaya’s lawyers advising them that they were no longer in partnership with Goreraza’s company.

In the letter, Timba accused Goreraza of breaching confidentiality terms concerning his interests in the mine.
“On the Boulware Consulting issue, it is not true that we directly wrote to you in that respect as the letter was simply an internal confirmation between the concerned parties, which was ‘private and confidential’, and we wonder how your clients obtained the same, given that the transaction had nothing to do with yours,” reads the letter dated August 3.

“Needless to say, the addition of Boulware to the register of Swimming Pool and Underwater never gave the former majority shareholding in the company, which in any event has since been subsequently reversed.
“In the circumstances, parties remain the same and there is, therefore, no substitution of parties or joinder required as contemplated by yourself.”

Timba and Rushwaya have been engaged in several running battles, as they wrestled for ownership of the gold mine, which reportedly once produced around 50kg of gold ore monthly.

The battles have been legal and some degenerated into gunfights, leaving several workers injured and two dead around 2012.

Tolrose once employed a total of 500 workers, most of whom have been displaced owing to the boardroom wrangles.

The mine also owes workers over half a million dollars in unpaid wages and salaries and its property was attached two years ago over the debt, but Goreraza has used his muscle to stop it from going into liquidation.

Grace is also reportedly unhappy over Goreraza’s involvement in the mine saga,saying the matter had put her into disrepute.