‘Missing’ timber firm assets worth $2,5 mln found

‘Missing’ timber firm assets worth $2,5 mln found

By Chipo Musoko, HARARE April 2 (The Source) – An investigation into the  whereabouts of assets belonging to a defunct timber firm owned by former City of Harare strategist, Chester Mhende which is under liquidation, has revealed that it has assets worth $2,5 million, The High Court has heard.

The company, Whitebedge Enterprises which was in the business of harvesting and selling timber in Manicaland and also did business with Allied Timbers, voluntarily applied for liquidation in October last year.

Two weeks ago, its liquidator, Samuel Rwambiwa told creditors that there was nothing to liquidate except a debtors book without addresses which he was finding difficult to pursue.

During a meeting on Wednesday, Rwambiwa told creditors whose claims are worth over $1 million that the shareholder had eventually presented an asset register with assets worth $134,000 but other sources had presented a different register with assets worth $2,5 million.

In the earlier meeting, Mhende maintained that his other company, Rutima Holdings held the assets which were used by Whitebedge.

Rwambiwa said he had established that there was no evidence that an agreement of sale between Whitebedge and Rutima Holdings.

“In other words there is no proof of payment made by Rutima Holdings for the assets. Therefore the movable assets remain assets of Whitebedge Enterprises,” he said.

The liquidator then recommended, with approval from creditors that all movable assets being used by Maswera be valued and an agreement of sale drawn between Whitebedge and Rutima.

“If the buyer is unable to pay for the assets, the company Whitebedge Enterprises be sold as a going concern to avoid disturbing the current operations or failing that, the assets be sold at a public auction,” said Rwambiwa.

The Master of the High Court said minutes of the meeting would be compiled and presented to the court for final determination in the matter.