Chiedza Kambasha, an entrepreneur and award-winning global innovation specialist, is at a standstill with investors over a failed lithium order financing arrangement.
Kambasha is accused of conceptualizing a well-executed scam through her firm Hummingbird Resources in which her company sought order finance for the acquisition of Lithium Ores and investors.
The profitable scam has gone bad, and some investors are furious at the corporation for failing to make payments in flagrant breach of commitments made in plain and white.
This is according to copies of the agreements seen by ZiMetro News.
The agreements explicitly explain the dividends and return on investment, and Kambasha added the borrowers’ signatures.
“This scheme is now operating like a Ponzi scheme; in the first few months, they paid in full, and the money was actually delivered in a Fawcett cash in transit van, and we were all convinced that it was legitimate.”
“Challenges started when most of us re-invested after being enticed, and now she is telling stories after stories about her Chinese partners and stuff like that,” one of the impacted investors explained.
Other concerned investors who preferred anonymity alleged Kambasha oversold her synergy or tight relationships with Zimbabwe Defence Industries (ZDI).
“She allayed our fears by claiming that her operations were sanctioned by ZDI and that she had Chinese investors,” claimed our trustworthy source.
Attempts to get comment and give Kambasha the chance to react have been thwarted since she has been evasive for the previous week.
In one case, her ostensible personal assistant answered the phone and stated she (Kambasha) was in an important meeting and would call back later.
“She is currently in a meeting,” she added, “but she will get back to you.”
Efforts to get her comment were in vain.
The lithium rush and scramble has clogged the mining space, forcing the government to prohibit the export of unprocessed lithium in December 2022.
Zimbabwe is the world’s fifth largest lithium producer, and analysts believe that if properly utilized, the government could supply 20% of global lithium demand, heralding a massive economic boom.
However, due to a rent-seeking economy, certain intermediaries have formed and exploit the system’s seeming permeable borders.