Winsley Militala

Winsley Militala was a Zimbabwean insolvency practitioner who managed a number of banks and financial institutions bankruptcies. He worked for Petwin Executor and Trust Company (Pvt).

Background

He had a son Tawanda Keith Militala who is late.[1]

Career

Tetrad Investment Bank

He was taken to court by Tetrad Investment Bank in 2015. Tetrad accused Militala of failing to comply with the provisions of the Companies Act and producing a “flawed and inaccurate” judiciary management report designed to mislead creditors and shareholders.

The bank had been placed under judicial management by Martin Makonese following an application by the company’s board of directors citing liquidity pressure due to unfavourable macro-economic conditions, high non-performing loans and negative revenue growth.

In his founding affidavit, Miccah Moyo who was Tetrad Holdings (Pvt) Ltd chairman wanted Militala to be removed as judicial manager and substituted with a replacement in terms of section 273 (1) b as read with section 313 (1) of the Companies Act.

Moyo argued that Militala was dismissive of management and arrogant in exercising his mandate. He also accused him of raising a fee note for $144, 900 for two months of service without prior approval of the Master of the High Court.

Moyo said Militala failed to properly engage Russian investor Horizon Capital and its representatives. He also said Militala failed in his judicial manager’s report to highlight or investigate why loans of more than $2 million were collected in October 2014 and six months later only $13, 000 is collected.[2]

Victoria Falls Steam Train Company

In 2016 he was the liquidator for the Victoria Falls Steam Train Company. The company's assets were auctioned to cover debts amounting to close to $1 million.

The company only attracted three bids averaging between R1 million and R1.3 million for its tram and coach.[3]

Zimglass

He was also employed as the liquidator for Zimglass which had been insolvent since 2010 and voluntarily applied for judicial management in 2014 citing lack of capital, debt overhang and mismanagement.[4]

The company was bought in 2020 by a local firm, Brainman Investments for US$22 million.[5]

Death

According to the publication The News Hawks, Militala died on 10 January 2021 from Covid-19. His death came soon after he lost his son Tawanda Keith Militala.[1]

References

  1. 1.0 1.1 The News Hawks, Twitter, Published: January 10, 2021, Retrieved: January 10, 2021
  2. Mashudu Netsianda, ‘Arrogant’ Tetrad judicial manager faces chop, The Chronicle, Published: May 7, 2015, Retrieved: January 10, 2021
  3. Leonard Ncube, Locals shun Victoria Falls tram company bid, The Chronicle, Published: September 16, 2016, Retrieved: January 10, 2021
  4. Lovemore Zigara, Zimglass liquidation finalised, Sunday News, Published: January 4, 2017, Retrieved: January 10, 2021
  5. Martin Kadzere, Local firm buys Zimglass for US$22m, The Herald, Published: May , 2020, Retrieved: January 10, 2021