{"id":115117,"date":"2026-02-10T13:27:36","date_gmt":"2026-02-10T11:27:36","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/former-banker-patterson-timba-remanded-in-custody"},"modified":"2026-02-10T15:43:48","modified_gmt":"2026-02-10T13:43:48","slug":"former-banker-patterson-timba-remanded-in-custody","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/former-banker-patterson-timba-remanded-in-custody","title":{"rendered":"Former banker Patterson Timba remanded in custody"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Zimbabwe. <\/strong><\/span>Former banker Patterson Timba has been remanded in custody by a Harare magistrate on allegations of fraud involving a botched US$5 million company shares deal.<\/p>\n<p>A former ReNaissance Financial Holdings group chief executive officer, Timba appeared before Magistrate Jessie Kufa and was remanded in custody to tomorrow for a bail ruling.<\/p>\n<p>The complainant is Jameson Rushwaya of Kadoma, a director of Tolrose Mine, Kadoma.<\/p>\n<p>Timba was a co-director of Tolrose Mine up to 2018.<\/p>\n<p>Tolrose, also known as Glencam Mine, is a gold-producing mine located in Blagdon Farm, Kadoma District, Mashonaland West Province.<\/p>\n<p>The mine has been embroiled in an ownership wrangle dating back to 2010.<\/p>\n<p>The State alleges that in February 2018, the accused was declared insolvent under case HC 414\/17. Despite this, he allegedly continued acting as a director of Tolrose Investments (Pvt) Ltd and his alter ego company, Swimming Pool and Underwater Repairs (Pvt) Ltd, to date.<\/p>\n<p>According to the articles of association of Tolrose Investments (Pvt) Ltd, which were valid at the time, any director placed under sequestration ipso facto ceases to be a director.<\/p>\n<p>Despite this, the accused allegedly continued to unlawfully pose as a director of Tolrose Investments and transact in that capacity.<\/p>\n<p>It is further alleged that the accused deposed affidavits in this capacity in violation of the law in cases HCH 280\/18, HC 7291\/22, HC 5589\/23, HC 5607\/23 and KD 112\/25, which are still pending.<\/p>\n<p>The State also alleges that while insolvent, the accused fraudulently orchestrated and directed the sale of the complainant&#8217;s shares to himself through his alter ego company, Swimming Pool and Underwater Repairs (Pvt) Ltd, using fabricated share certificates under the guise of settling a judgment debt owed to Tetrad Bank.<\/p>\n<p>These affidavits allegedly omitted his insolvency status, thereby deliberately misleading the courts.<\/p>\n<p>The State further alleges that after the accused was declared insolvent, the Master of the High Court appointed Cecil Hondo Madondo as judicial manager of his estate.<\/p>\n<p>As a result of the accused\u2019s unlawful actions, the complainant allegedly suffered a financial loss exceeding US$5 million.<\/p>\n<p>The matter was reported to the police after the complainant realised he had been duped.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Zimbabwe<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Zimbabwe. Former banker Patterson Timba has been remanded in custody by a Harare magistrate on allegations of fraud involving a botched US$5 million company shares deal. A former ReNaissance Financial Holdings group chief executive officer, Timba appeared before Magistrate Jessie Kufa and was remanded in custody to tomorrow for a bail ruling. The [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":115116,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4],"tags":[19],"class_list":["post-115117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","tag-zimbabwe"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Former banker Patterson Timba remanded in custody - zimbabwe<\/title>\n<meta name=\"description\" content=\"Former banker Patterson Timba has been remanded in custody by a Harare magistrate on allegations of fraud involving a bo ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/former-banker-patterson-timba-remanded-in-custody\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former banker Patterson Timba remanded in custody\" \/>\n<meta property=\"og:description\" content=\"Former banker Patterson Timba has been remanded in custody by a Harare magistrate on allegations of fraud involving a bo ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/former-banker-patterson-timba-remanded-in-custody\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2026-02-10T11:27:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-10T13:43:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2026\/02\/sm_1770730919.377652.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/former-banker-patterson-timba-remanded-in-custody#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/former-banker-patterson-timba-remanded-in-custody\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Former banker Patterson Timba remanded in custody\",\"datePublished\":\"2026-02-10T11:27:36+00:00\",\"dateModified\":\"2026-02-10T13:43:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/former-banker-patterson-timba-remanded-in-custody\"},\"wordCount\":366,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/former-banker-patterson-timba-remanded-in-custody#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2026\/02\/sm_1770730919.377652.jpg\",\"keywords\":[\"Zimbabwe\"],\"articleSection\":[\"all news\",\"community\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/former-banker-patterson-timba-remanded-in-custody#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/former-banker-patterson-timba-remanded-in-custody\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/former-banker-patterson-timba-remanded-in-custody\",\"name\":\"Former banker Patterson Timba remanded in custody - 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