Zimbabwe business tycoon James Makamba is in serious trouble as his empire seems to be crumbling after the High Court placed his Kestrel Corporation under provisional judicial management as Mr George Manyere fights to recover his US$2,7 million.

Mr Manyere through his firm Ecsponent Zimbabwe, entered into an agreement with Mr Makamba’s Kestrel Corporation over sale of Telecel shares.

However, the transaction did not go through and Mr Makamba has failed to pay back the money.

High Court judge Justice Thompson Mabhikwa ordered that Kestrel be placed under provisional judicial management indefinitely so that its assets — shares in Empowerment Corporation — are protected from other legal action.

“The Master is hereby directed to appoint Winsley Militala as provisional judicial manager of respondent (Kestrel Corporation), with the powers and duties set out in Section 303 of the Companies Act (Chapter 24:03),” ruled the judge.

Mr Makamba — who lived in self-imposed exile for 12 years until 2017 — had yesterday not responded to questions sent via SMS.

He discontinued a phone call after being informed it was from The Sunday Mail. Subsequent calls went unanswered.

However, Justice Mabhikwa gave any interested parties who oppose the Kestrel Corporation provisional judicial management up to May 23, 2019, to show cause why the order should not be upheld.

In his founding affidavit filed at the Bulawayo High Court, Mr Manyere said Kestrel Corporation failed to pay its debts and was being recklessly mismanaged.

Mr Manyere said he paid Mr Makamba US$2 750 000 as deposit for the purchase of 690 000 ordinary shares in Empowerment Corporation.

The agreement to sale the shares was reached at an extraordinary general meeting of Empowerment Corporation which was held in South Africa on February 9, 2017.

Messrs Makamba and Manyere then signed two agreements for the sale of 69 percent of Makamba’s shares in Empowerment Corporation.

Mr Manyere said his nemesis was avoiding the sale of the shares or refund the deposit and has been bringing up various proposals which were all not concluded.

Mr Makamba is also being accused of selling off an immovable property – which had been used as security in Telecel deal – to a third party.