AUGUR Investments owned by businessman Ken Sharpe has won a Supreme Court appeal against a High Court ruling ordering attachment of its upmarket Pomona City 273 hectares of prime land in Harare’s affluent area of Borrowdale to settle a debt.
The company owed Fairclot Investments funding for a dual carriageway in Harare leading to Robert Mugabe International Airport.
At the High Court, Fairclot Investments, trading as Trucking and Construction (T&C) wanted an order “setting aside the transfer of the property covered in the Deed of Settlement to Doorex Properties being a certain 273,2 hectares of land called Stand 654 Pomona Township.
Doorex is a subsidiary of Augur Investments.
T & C, which was subcontracted by Augur Investments for the airport project, also demanded the nullification of the deed of settlement between Harare City Council, the Local Government Ministry and Augur Investments that saw the transfer of 273 hectares of land in Harare’s Borrowdale suburb.
The Supreme Court declared that Augur Investments was the rightful owner by the Supreme Court.
A three-panel bench comprising Justices, Chinembiri Bhunu, George Chiweshe and Hlekani Mwayera handed down its ruling Friday morning ruling that the debt was executable in local currency in terms of the country’s financial laws.
Full judgment is yet to be released.
Augur appealed to the Supreme Court after the High Court ruled that it should settle its debt with Fairclot in United States dollars instead of the local currency.
Augur had already paid the money to Fairclott.
In its appeal, it wanted the Supreme Court to determine whether the arbitral award which had been issued in March 2015 in favour of Fairclot had to be executed in US dollars or local currency.
In a statement following the victory, Westprop board its dream to develop world-class living space will now be fulfilled with all legal impediments behind.
“The ruling which was delivered today cements and confirms that indeed stand 654 Pomona Township belongs to WestProp Holdings Ltd.
“We have thus put to rest any legal impediments and challenges to our title and the dispute between Augur Investments, Doorex Properties and Fairclot Investments has finally been determined in our favour by the Apex Court which has confirmed the full discharge of the liability.
“We want to reassure our esteemed stakeholders and clients that the Pomona Dream will certainly be delivered.
“With all the legal battles now behind us, our focus is now on delivering the Pomona Dream and satisfying the imagination of our stakeholders and clients,” said the board.
Source NewZimbabwe
