Categories: Stories

Cranswick battles to keep ACR assets

African Consolidated Resources chief executive Andrew Cranswick has filed a motion with the Australian Federal Court to annul its bankruptcy ruling, a move that stops his trustee from pursuing his overseas assets including his stake in the London-listed company, reports from Australia said today.

Cranswick was declared bankrupt in absentia on October 27 because he owed the Australian Tax Office A$1.1 million. The ruling stripped him of his Australian company directorships but he remained CEO of ACR.

Cranswick is reported to have filed the motion on December 17 but has not yet filed an affidavit to support the application. The move, however, had stopped Anthony Warner of CRS Warner Kugel, his trustee in bankruptcy, from asking British courts to recognise the Australian bankruptcy.

No date has been set for the hearing.

ACR lost its rights to the Marange diamond claims but is appealing that decision in Zimbabwe. It is now facing charges of fraudulently obtaining the Marange claims.

(53 VIEWS)

This post was last modified on %s = human-readable time difference 5:21 pm

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024

The Zimbabwe government and not saboteurs sabotaging ZiG

The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…

October 20, 2024

The Zimbabwe Gold will regain its value if the government does this…

Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…

October 16, 2024

Is Harare the least democratic province in Zimbabwe?

Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…

October 11, 2024

Zimbabweans against extension of presidential term in office

Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…

October 11, 2024

Zimbabwe government biggest loser when there is a discrepancy in the exchange rate

The government is the biggest loser when there is a discrepancy between the official exchange…

October 10, 2024