Business Reporter
The High Court of Zimbabwe has placed Metallon Zimbabwe’s two mines -Mazowe and Shamva- under administration following an application by the Associated Mine Workers Union of Zimbabwe.
Two other mines controlled by Metallon Zimbabwe-How Mine and Redwing- have been spared.
Reggie Saruchera of Grant Thornton Zimbabwe has been appointed interim administrator of the two mines and deputised by Cecil Madondo of Tudor House Consultants.
“The first and second respondent are hereby placed under supervision and corporate rescue proceedings in terms of section 124 (1) (a) of the Insolvency Act and shall be subject to supervision, management and control as provided for in the said Act,” reads a ruling by High Court Judge Justice Tawanda Chitapi.
“The corporate rescue practitioners shall carry out their duties in accordance with the relevant provisions of the Insolvency Act and shall be entitled to be remunerated in terms of section 136 of the Act.”
