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Vast responds to the US$20K CCDT transaction

HARARE – By Business Reporter – Thursday 7 May 2020

HARARE (Mining Index) – VAST Resources diamond subsidiary in Zimbabwean says the US$20K transaction given to the Chiadzwa Community Development Trust (CCDT) in December 2019 was a donation advanced to host a celebratory event for the Chief’s and Headman after the anticipated signing of the joint venture (JV) between Katanga and the Zimbabwe Consolidated Diamond Company (ZCDC) which seemed imminent.

Vast Resources lawyers, through its lawyers Mtombeni, Mkwesha and Muzawazi Legal Practitioners said the donation was advanced following a detailed cost plan provided by the CCDT to Vast.

“The funds advanced to CCDT were specific to a cost plan to host a celebratory event for the Chief’s and Headman post the anticipated signing of the JV between Katanga and ZCDC and were advanced in accordance to a detailed cost plan provided by the CCDT to Vast,” said Gwinyai Tamuka Mharapara, Vast Resources lawyer representing the case.

He revealed the donation was made after CCDT Chairman Newman Chiadzwa sent ‘a specific cost plan’ which led to the disbursement of funds.

“The bank transfer was made directly from Vast Resources PLC UK bank account to the CCDT bank account. Kindly note that according to banking regulations, all overseas transfers must be backed up by documentary evidence of the reasons for the transfer prior to the bank releasing funds,” he said.

He also cited various news links from local and international media, together with an interview done in respect of the chain of events that lead Vast to believe the signing was to take place in November.

Mharapara said there was a chain of events that lead Vast to believe the conclusion of the JV was to take place in November, citing various news links from local and international media.

“The funds donated in advance to CCDT were not the same as the funding for the master plan which will only come in to effect post signing of the JV between Katanga and the ZCDC,”

Vast Resources maintains that despite the delays they remain confident that a conclusion to the JV will be concluded soon. ENDS// www.miningindex.co.zw

 

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