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Mr Timba

Business Reporter

RENAISSANCE Financial Holdings Limited director Patterson Timba will have to wait a little longer in his bid to reclaim his interest in the business after the High Court set aside an earlier decision which empowered the banker to reclaim his assets.High Court judges of appeal Justices Elizabeth Gwaunza, Bharat Patel and Susan Mavangira last week ordered that an appeal against a ruling made in February giving Mr Timba authority to reclaim his assets, be partially allowed.

“Whereupon, after reading documents filed of record and hearing counsel, it is ordered that the appeal be and is hereby partially allowed. The matter be and is hereby remitted to the court a quo for a proper determination of the special case referred to it. The judgment of the court a quo be and is hereby set aside,” the order dated October 14 reads.

The order effectively stays a ruling made in February which nullified the actions and all decisions made by the Professor Christopher Chetsanga-led board after January 26, 2012.

It also means that the Capital Bank issue remains in litigation and also that Mr Timba’s challenge was not successful.In the February judgment Justice Owen Tagu, had confirmed the expulsion of Professor Chetsanga, Mr Collin Kuhuni and Mrs Monica Mukonoweshuro from the RFHL board.

Justice Tagu had also declared null and void all actions and decisions by the Prof Chetsanga led-board post January 26, 2012.The High Court judge had also nullified all actions and upheld the expulsion of the three former RFHL board members.

“The defendants are declared validly dismissed from their directorship with second plaintiff (RFHL) pursuant to the Extraordinary General Meeting of January 25, 2012.“The business purportedly undertaken by defendants on behalf of second plaintiff post 26 January 2012 is null and void and of no force or effect.

“Defendants (trio), Professor Chetsanga, Mr Kuhuni and Mrs Mukonoweshuro are interdicted from continuing to hold themselves out as directors of second plaintiff,” Justice Tagu ordered.