More headaches for Interfin

shares worth about US$1,6 million which he paid for in Zimbabwe dollars in 2008.
Businessman Mr George Chimhini bought the shares in Zimbabwe dollars in 2008 and won a High Court order to get the shares at the prevailing rate but Interfin challenged the decision.
A three-judge panel led by Deputy Chief Justice Luke Malaba last week removed the matter from the court roll after Interfin through its lawyers failed to comply with the decision of the Supreme Court requiring the parties to agree on the issue of security costs.
Justice Malaba sitting with Justices Anne-Mary Gowora and Yunus Omerjee ruled the court should not watch while the parties breach the rules.
“Rules must be complied with. The unanimous view of this court is that this application should not have been made at all.
“It was previously struck off the roll for non-compliance with the rules but even now rule 46(2) has not been complied with.
“There has been no agreement on the security of costs. For this reason the matter is therefore struck off the roll with costs,” ruled Deputy Chief Justice Malaba.
The development allows businessman Mr George Chimhini to execute the High Court judgment to recover his shares he bought from AICO Limited through Interfin stock brokers.
Advocate Erik Morris instructed by Artherstone and Cook appeared for Interfin. Adv Thabani Mpofu instructed by Mtetwa and Nyambirai represented Mr Chimhini.
In August last year, Mr Chimhini obtained the order for the release of the shares, but Interfin immediately appealed against the decision.
The appeal suspended the order of the High Court until yesterday when the challenge was removed from the roll.
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 yesterday each share was selling at US$0,20 .
Parties agreed on a 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 done when the Zimbabwe dollar was still the currency in use.
A dispute arose resulting in Mr Chimhini filling an application at the High Court challenging the decision of the financial institution.
Justice November Mtshiya last year granted the order after being convinced by the businessman’s lawyers 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 of the issuance of the order.