Interfin ordered to release US$1,5m shares to businessman

Africa Limited shares valued at US$1,5 million.
Mr George Chimhini won the three-year-legal battle arising from the sale of some shares in 2008.
Mr Chimhini bought the shares from Interfin on November 5 2008 and paid through a cheque the following day.
The shares were bought for Z$260 quintillion but as at last week they were selling at US$0,25 cents each.
The parties agreed on the price and Mr Chimhini paid Z$260 quintillion the same day through a bank cheque that was honoured.
For reasons not known to Mr Chimhini, the transaction delayed resulting in Interfin getting the money on January 30 2009 and later cancelled the deal considering it was the done when the Zimbabwe dollar was still the currency in use.
A dispute arose resulting in Mr Chimhini filing an application at the High Court challenging the decision of the financial institution.
Justice November Mtshiya granted the order after being convinced by the businessman’s lawyers Advocate Thabani Mpofu and Mr Harrison Nkomo of Nyambirai and Mtetwa, that indeed there was a valid agreement.
He nullified the purported cancellation of the sale before ordering the delivery of the shares to Mr Chimhini within seven days.
“In view of the above, my finding is that the purported cancellation of the transaction on January 13 2009 was null and void. It should be noted that the cancellation was made even before January 30 2009 when the respondent had been credited with the cheque on November 5 2008.
“The cheque, as we saw, had already been banked and stamped by the respondent’s own bank on November 6 2008.
“I therefore order that the respondent be and is hereby ordered to deliver six million AICO Africa Limited shares together with the share certificates to the applicant within seven days.
“The respondent shall pay costs of this application in terms of the Law Society of Zimbabwe tariffs including costs of counsel,” ruled Justice Mtshiya.
Advocate Erik Morris acted for Interfin.