London-listed African Consolidated Resources today announced that it had been charged with fraud. The charges arise from the recent judgment by High Court judge Charles Hungwe who reversed his earlier judgment giving ownership of the Marange diamonds to ACR. Hungwe reversed his 24 September 2009 judgment on 6 September this year arguing that his earlier judgment had been based on false information. He argued that it had since transpired that ACR‘s subsidiary companies- Dashaloo Investments, Olebile Investments, Heavy Stuff Investments and Possession Investments- which were declared the legal owners of the Marange diamonds did not exist at the time. ACR is alternatively charged with contravening the Zimbabwe precious Stones Trade Act. It “vigorously “denies the charges.
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