Category: zimbabwe

HARARE regional magistrate Mr Lazini Ncube today dismissed Marry Mubaiwa’s application for discharge at the [...]

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NEW YORK (AP) — Stocks are mixed and Treasury yields are jumping on Friday after [...]

The post World markets shrug off tech-led sell-off on Wall Street appeared first on The Zimbabwe Mail.

Source: Bulawayo textile firm eyes cotton production – NewsDay Zimbabwe

BY NIZBERT MOYO
BULAWAYO-BASED clothing manufacturer, Ticoz Enterprises, says it plans to embark on cotton production to ensure reliable supply of lint for its garment business.

Ticoz Enterprises director Tafadzwa Zimbudzana told Industry and Commerce deputy minister Raji Modi during a tour of the company on Tuesday that they had done soil tests in Matabeleland region in pursuit of a cotton production project.

“We are doing value-addition and we are in the process of looking for land to grow cotton. We are travelling to Gokwe to look for cotton seeds to start planting. Our company is already doing spin weave, but in the fashion industry, one needs to have flexible fabrics,” Zimbudzana said.

“We want to first start by planting five acres of land. We are also doing skills training so that when we leave, the project would still be ongoing. It will be an outgrowers’ programme in different communities.

She added that their fabrics had a ready market in South Africa and Zambia.

Modi said government would support the project as it was keen to see the re-industrialisation of Bulawayo.

The post Bulawayo textile firm eyes cotton production appeared first on Zimbabwe Situation.

Source: Boss, PA ‘connive’ to prejudice business partner – NewsDay Zimbabwe

By Staff Reporter
PERSONAL assistant (PA) to Adlecraft Investments (Pvt) Limited co-director, Ofer Sivan, yesterday appeared in court on allegations of being a witness in the signing of fraudulent documents intended for opening of two bank accounts by her boss to prejudice a business partner sometime in 2020.

Cassandra Myburg (37) appeared before Harare magistrate Yeukai Dzuda charged with fraud.

She was not asked to plead to the charges. Dzuda remanded her to March 16 on free bail. Sivan last month appeared in court on similar allegations and is on $100 000 bail.

Myburg is alleged to have witnessed the signing of alleged manufactured documents at Stanbic Bank Borrowdale branch in Harare where Sivan wanted to open business accounts for Adlecraft Investments.

It is alleged that Myburg witnessed the signing of documents in September 2020 knowing that Sivan had forged the signature of co-director at Adlecraft Investments, Gilad Shabtai.

The prosecution told the court that she also accompanied Sivan to submit a forged company resolution dated September 29, 2020 with Shabtai’s forged signatures.

The forged documents were meant to mislead Stanbic Bank officials into believing that Shabtai had appointed Sivan as the sole signatory to the company’s bank accounts.

Acting on the alleged misrepresentation, Stanbic Bank opened two business bank accounts for Adlecraft Investments, with Sivan being the sole signatory.

In November last year, Munyaradzi Gonyora, who holds 10% shareholding in Adlecraft Investments, discovered the offence and alerted Shabtai.

Shabtai lodged a complaint with the Zimbabwe Anti-Corruption Commission, which investigated the matter leading to Sivan’s arrest.

The court heard that Shabtai was prejudiced of US$200 000.

Ruvimbo Matyatya appeared for the State.

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Source: High Court orders Zanu PF members, police off Mbare toilets – NewsDay Zimbabwe

BY DESMOND CHINGARANDE
HIGH Court judge Justice Rogers Manyangadze yesterday ordered police, Zanu PF members and the Harare City Council to stop disrupting operations of a company leasing Mbare toilets for a fee.

Manyangadze granted a spoliation order stating that Disruptive Innovation’s business operations should not be interfered with and should be restored within 48 hours.

“The respondents and all those getting through them, within 48 hours restore the applicant’s peaceful and undisturbed possession of the Mbare Musika and Market Square Bus Terminus toilets. The respondents shall not remove or threaten to remove the applicant from Mbare Musika and Market Square bus terminus toilets,” the judgment read in part.

Disruptive Innovation, represented by its managing director Nomvula Mhambi, had cited the Mbare district officer, the officer commanding Mbare police and Harare Metropolitan Development and Devolution secretary as respondents.

The judge ordered the respondents to pay the legal costs.

Last month, two Zanu PF members were arrested for shutting down the toilets demanding a share of the proceeds of the business.

The company refurbished the public toilets and has been charges for use of the facilities since
2015.

At one time, the City of Harare sought to evict the company, but High Court judge Justice Zimba Dube ruled against council, saying the firm could only be evicted through a court order in the event of a breach of material terms of the agreement.

Since then, police and Zanu PF activists have been disrupting the company’s activities in a bid to force it out of the deal.

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