Shares row: Interfin appeal thrown out

allows businessman Mr George Chimhini to execute the High Court judgment in recovering his shares.
Deputy Chief Justice Luke Malaba sitting with Justices Paddington Garwe and Yunus Omerjee yesterday removed the case from the roll with costs after lawyers representing Interfin failed to comply with the Supreme Court rules.

Advocate Erik Morris appeared for Interfin while Adv Thabani Mpofu represented Mr Chimhini.
Mr Harrison Nkomo of Mtetwa and Nyambirai was instructing Adv Mpofu.
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.
Adv Mpofu, who appeared for Mr Chimhini, said his client was now free to execute the High Court judgment.
“The appeal had suspended the order of the High Court. Now that the matter has been struck off the roll, my client has been left with an option to execute the order of the High Court,” said Adv Mpofu.

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 cents.
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 filing 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.