The order was issued by Justice Nyaradzo Munangati-Manongwa in the case between Fairclot Investments and Augur Investments, the Sheriff of the High Court, Doorex Properties and the Registrar of Deeds.
The stand was attached over a US$4.8 million debt Augur investments owed to Fairclot but this was uplifted by the sheriff after Augur paid Z$4.8 million and another Z$1.1 million as interest and claimed that it had fully repaid its debt at the rate of US$1 to Z$1.
Fairclot, however, challenged the upliftment and won the case yesterday.
The case was one of those that WestProp had excluded from its prospectus when it sought listing on the Victoria Falls Stock Exchange.
The listing was postponed after Fairclot and other investors approached the Securities and Exchange Commission of Zimbabwe asking that WestProp make a full disclosure of litigations against it.
WestProp complied by publishing a supplementary prospectus and started trading on Monday.
According to its full prospectus, WestProp described the proposed Pomona City as “a secure gated premium lifestyle that is a city within a city that is premised on sustainability and the smart city concept of live, work, play and shop”.
It said the development was over a 273-hectare land bank.
Other details were:
WestProp has not sold any shares yet.
Below is yesterday’s court judgement:
Continued next page
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This post was last modified on May 9, 2023 8:35 pm
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