Kurotwi loses US$3.6 million unfrozen diamond funds appeal

HARARE – The Supreme Court has dismissed an appeal by businessman Lovemore Kurotwi and his company Canadile Miners (Pvt) Ltd over US$3.6 million that they tried to claim from funds originally belonging to the defunct diamond joint venture between Core Mining and Minerals Resources (Pty) Ltd and the state-owned Marange Resources.

In a judgement given shortly after hearing arguments on Thursday, Justices Lavender Makoni, George Chiweshe and Joseph Musakwa upheld a High Court ruling which found that the money – held by AFC Commercial Bank – lawfully belonged to Core Mining and not to Canadile or its former directors.

The dispute traces back to 2010, when Canadile Miners – then operating in Chiadzwa – declared a US$3.3 million dividend to its South African partner, Core Mining. The funds were intercepted and frozen by the United States Office of Foreign Assets Control (OFAC) under sanctions regulations.

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