Former Renaissance Financial Holdings CEO Patterson Timba (59) appeared at the Harare Magistrates Courts on fraud allegations involving a botched US$5 million share deal. He was remanded in custody until Wednesday for his bail application. The complainant in this case is Jameson Rushwaya, director of Tolrose Mine in Kadoma.
Timba served as a co-director of the mine until 2018. Tolrose (also known as Glencairn Mine) is a gold-producing entity in Mashonaland West that has been embroiled in an ownership wrangle dating back to 2010.The State represented by Oscar Madhume alleges that sometime in February 2018, Timba was declared insolvent (Case HC 114/17). Despite this High Court ruling, he allegedly continued to act as a director of Tolrose Investments (Pvt) Ltd and his alter-ego company, Swimming Pool and Underwater Repairs (Pvt) Ltd.According to the Tolrose Investments articles of association, any director placed under sequestration ipso facto ceases to hold office.
However, Timba allegedly continued to pose as a director, transacting and even deposing affidavits in several court cases (including HCH 280/18 and KD 112/25) in violation of the law.The State further alleges that while insolvent, Timba fraudulently orchestrated the sale of the complainant’s shares to himself through his alter-ego company. He allegedly used fabricated share certificates under the guise of settling a judgment debt owed to Tetrad Bank. These filings reportedly omitted his insolvency, deliberately misleading the courts. As a result, the complainant suffered a financial loss exceeding US$5 million.
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