Businessman Matumbwa Mawere told VOA that he will probably take the state to court as his businesses are controlled by an administrator under the Reconstruction of State-Indebted Insolvent Companies Act
Zimbabwean businessman Mutumwa Mawere, whose business interests were specified or designated for confiscation by authorities in 2004 over alleged violations of foreign currency regulations, said Monday that his assets remain in the hands of the state even if they were de-specified last week.
Mawere told VOA that he will probably take the state to court as his businesses are controlled by an administrator under the Reconstruction of State-Indebted Insolvent Companies Act.
Reports said authorities withdrew the specification of Mawere's interests along with those of Telecel Zimbabwe boss James Makamba and John Moxon of Kingdom Meikles Limited following the submission of a report to the co-ministers of Home Affairs by the police over allegations that the three stashed foreign currency in offshore accounts.
Among many other businesses, Mawere used to own Shabanie Mashaba Mines, an asbestos extraction operation, which is now on the verge of collapsing due to liquidity problems.
Mawere told VOA Studio 7 reporter Gibbs Dube that he will fight tooth and nail to recover his assets. “I should be in a position to directly challenge the seizure of my property now that the specification has been revoked.”
But London-based political analyst Brilliant Mhlanga said those seeking to reclaim de-specified assets may lose them if they seek to achieve this by taking legal action against the Zimbabwean state.