Zimasco (Private) Limited, Zimbabwe’s largest integrated ferrochrome producer, has moved to reassure stakeholders amid a fierce legal battle to block an alleged hostile takeover by businessman Shepherd Tundiya’s Avim Investments. In a notice to stakeholders, the Sinosteel-owned mining firm confirmed it had successfully challenged a disputed corporate rescue order and secured an interim High Court directive halting a creditors’ meeting—though the appointed practitioner, Wilson Tatenda Manase, defied the order by rescheduling it.
The controversy stems from a March 2025 court ruling, issued by Justice Mambara, which mistakenly placed Sinosteel Zimasco (Pvt) Ltd—a non-existent entity—under corporate rescue instead of the actual company, Zimasco (Pvt) Ltd. Armed with the erroneous order, Tundiya’s group allegedly attempted to seize control of Zimasco’s bank accounts and operations, prompting the miner to file an urgent application to nullify the process.
With roots dating back to 1926, Zimasco is a cornerstone of Zimbabwe’s mining sector, producing 180,000 tons of high-carbon ferrochrome annually from its Kwekwe smelter and operating key mines along the Great Dyke. The company, majority-owned by China’s Sinosteel Corporation, has denounced the takeover attempt as “legally flawed” and filed complaints with the Judicial Service Commission and the Law Society of Zimbabwe over the conduct of the involved judges and lawyers.
Justice Faith Mushure reserved judgment on the matter after a March 24 hearing, leaving the future of the corporate rescue bid—and Zimasco’s ownership—in limbo.
