A BITTER dispute over ownership and management at Bulawayo-based African Dream Safaris (ADS) has escalated to the courts, with shareholder Timothy Schultz accused of removing company assets and unilaterally altering the firm’s shareholding and directorship structure.
Schultz allegedly registered 50% of the company’s shares in his own name and the remaining 50% in his wife’s name without the knowledge or consent of the majority shareholders.
He appeared in court on February 4 and was granted US$500 bail. The matter is set to resume on March 3.
Company records show that Schultz holds a 25% stake in Adverique Investments (Pvt) Ltd, which trades as ADS.
The remaining 75% is equally shared among three other shareholders, Martin Pieters, Southern Estate Ranching and Algernon Trust.
The dispute centres on allegations that Schultz acted independently in ways that placed the company’s assets and governance at risk.
In a letter dated November 20, 2025, the three majority shareholders, through their lawyers Titan Law, formally raised concerns over a series of actions allegedly taken by Schultz without their consent.
“There is obviously a dispute pitting, on the one hand, yourself against the majority shareholders regarding the management and operations of ADS,” the lawyers wrote.
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Among the complaints was a meeting allegedly convened by Schultz without prior notice, which the majority shareholders described as irregular.
They allege that following the meeting, Schultz removed company assets and records from the firm’s premises.
“Following this….meeting, you proceeded to the premises of ADS and removed assets of the company, not belonging to you, along with records and other documents belonging to the company,” Titan Law wrote.
Further concerns were raised over access to company funds. The lawyers allege that Schultz and his wife withdrew about US$60 000 from the company’s bank accounts without shareholder approval.
The majority shareholders also challenged changes to the company’s shareholding and directorship structure, as well as the creation of social media accounts in the company’s name that they say could mislead clients and business partners.
Titan Law also addressed Schultz’s claim that, as the founder of ADS, he had authority to act independently.
“You have claimed that as ‘founder’ of ADS you have a right to do as you please with the assets and business of the company,” the lawyers further stated.
They noted that corporate affairs are governed by shareholder agreements and applicable law, warning that misrepresenting the company’s shareholding at the Registrar of Companies would constitute a criminal offence under the Companies and Other Business Entities Act.
After failed attempts to resolve the matter through engagement, the majority shareholders indicated that they no longer wished to continue in business with Schultz.
They proposed selling their combined 75% stake to him, subject to agreement on price, or alternatively to a third party.
The dispute comes against the backdrop of separate legal challenges involving Schultz, including court cases over alleged cattle theft and illegal hunting charges brought by the Zimbabwe Parks and Wildlife Management Authority.
While unrelated to the Adverique dispute, the cases were cited in the lawyers’ letter as a potential reputational risk to the business.
Schultz declined to comment in detail, citing ongoing legal proceedings.
“The matters you refer to are currently before the courts and are the subject of ongoing legal proceedings,” he said.
“It would, therefore be, inappropriate and irresponsible for me to comment on, rebut, or debate specific allegations outside the judicial process.
“I fully respect the rule of law and the constitutional presumption of innocence, and I will address all issues in the appropriate forum.”
