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December 25, 2012

‘ZMDC board ratified Canadile Miners venture’

Filed under: Uncategorized — sbmzhcn @ 3:43 am

The joint ventureused crush for stone for sale in florida agreement between Core Mining and the Zimbabwe Mining Development Corporation (ZMDC) into Canadile Miners was ratified by the ZMDC board of directors, the High Court heard yesterday.

Advocate Lewis Uriri, the lawyer representing former ZMDC chief executive officer Dominic Mubaiwa in the $2 billion fraud case, said his client was only an employee of ZMDC and was answerable to the board.

“Without recommendations from the board after a due diligence exercise on Core Mining in South Africa, the shareholders’ agreement could not have been signed. The due diligence was done by the board and they passed a resolution authorising the agreement,” said Uriri.

According to Uriri, if misrepresentations were made to the minister, it is the board that lied and not Mubaiwa.

Mubaiwa, together with Core Mining boss Lovemore Kurotwi, is being jointly charged for allegedly misrepresenting investment information to Mines minister Obert Mpofu that the Benn Steinmeitz Group Resources (BSGR), through Core Mining would invest $2 billion in the Marange diamond fields.After the deal collapsed, the State claimed it had been prejudiced of $2 billion investment money.

“The board carried out a due diligence in South Africa and reported to the minister recommending the signing of the joint venture agreement between Core Mining and Marange Resources, a special vehicle for the ZMDC. They knew who they were negotiating with,” Uriri said.

Beatrice Mtetwa, representing Kurotwi when cross-examining State witness Godwills Masimirembwa, once said Mpofu was in South Africa at the time the due diligence exercise was conducted and was aware of the goings-on surrounding the deal.

Both Mubaiwa and Kurotwi claimed the transaction was done above board with Mpofu’s knowledge and blessings.

By Newsday Zimbabwe

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