Top female entrepreneur Chiedza Kambasha sucked in botched lithium financing deal

Harare- AWARD winning global innovation expert and entrepreneur Chiedza Kambasha is embroiled in an impasse with investors in a botched lithium order financing deal,Express Mail Zim can reveal.

Through her company Hummingbird Resources,Kambasha is alleged to have conceptualized a well orchestrated scheme wherein her company sought order financing in respect of procurement of Lithium Ores and investors.

The lucrative scheme went sour and some investors are up in arms with the company over defaulting payments in complete violation of agreements signed in black and white .

Express Mail Zim had sight of copies of the agreements and is in possession of same.

The agreements clearly state the dividends and return on investment and the borrowers’s signature was appended by Kambasha

“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 satisfied that it was legit.

“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,” said one of the affected investors.

Other affected investors who preffered anonymity said Kambasha misrepresented that she has a synergy or rather close links with the Zimbabwe Defence Industries (ZDI).

“She allayed our fears claiming that her operations had the nod of ZDI and that she had Chinese investors, ” said our impeccable source.

Efforts to get comment and afford Kambasha her right to respond hit a snag as she has been evasive for the past week.

At one instance, her supposed personal assistant answered the phone and said she (Kambasha) was engaged in an important meeting and would revert.

“She is currently in a meeting but she will get back to you ,” she said .

She however neglected to act as such at the time of writing.

The lithium race and scramble has seen the mining space being congested, compelling the government to ban the export of unprocessed lithium in December 2022.

Zimbabwe is the world’s fifth largest lithium producer and analysts said if fully exploited, government can meet 20% of the world’s total lithium demand, heralding a gargantuan economic boom.

However, due to a rent seeking economy, some middlemen have emerged and circumvents the system due to the seemingly porous borders.