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Victor Maphosa Herald Correspondent
Harare’s Aspindale Park owners, Marimba Industrial Properties Limited, have insisted that they will not rescind its decision to revalue outstanding instalments for stands using the interbank rate, despite an impending lawsuit by stand owners.
Two of the firm’s clients have since instructed Alex F and Associates Attorneys to demand that the company reverses its decision within 72 hours, failing which they will face legal action.
The 72-hour ultimatum has since expired.
“Aspindale Park will not change the decision,” Aspindale Park’s legal department said. “We are covered by the law and we will proceed with our decision.
“However, we have invited the concerned people to a meeting, but they have not yet indicated to us if they will attend.”
In their letter to Marimba Industrial Properties Limited, Alex F and Associates Attorneys were alleging that the decision by the company was illegal and in violation of Statutory Instrument 33 of 2019.
Read the letter: “Clearly, your refusal to accept further payments from our clients and/or your purported revaluations of pre-existing balances offend against the provisions of Statutory Instrument 33 of 2019 Section 4(1)(b) and (d) thereof provides as follows.
“That RTGS balances expressed in the US dollar immediately before the effective date shall . . . be deemed to be opening balances in RTGS dollars at par with US dollars and, (4(1) (d) that for accounting purposes, all assets and liabilities that were immediately before the effective date, valued and expressed in US dollars shall on and after the effective date deemed to be values in RTGS at the rate of one to one to the US dollar.”
Marimba Industrial Properties Limited and the clients Mr Brighton and Mrs Shylin Mufumi entered into an agreement in January 2018 and the terms were that the company would sell to the clients Stand 2013 Aspindale Park, measuring 200 square metres.
In terms of the agreement, the purchase price of the property was US$19 400, which would be settled over a 24-month period through instalments of US$600 per month from February.
The company then revalued the instalments after the announcement of the Monetary Policy Statement in February.
Online Reporter