HARARE – Remo Investments Brokers (Private) Limited (Remo) has told the court that Interfin Securities (Interfin) should return shares that the financial institution sold.
According to court papers, Remo borrowed money from Interfin and lodged some of its shares as surety.
After the full payment of the loan, Interfin had disposed of the shares, the court heard.
The firm’s lawyer Jonathan Samukange, told the court that Interfin had no legal basis to hold on to the shares after the loan was paid in full by his client.
Samukange urged the court to grant Remo an order to have the shares back, despite claims that they were sold to a third party.
“The respondent does not have the justification to keep the shares, shares are like cows, not ordinary rural cows but branded cows, one can follow them wherever they will be and recover them. We pray that we get the order to have our shares back and we know how to get them,” Samukange told the court.
Interfin’s lawyer Addington Chinake told the court that Interfin was no longer in possession of the shares but that they were with the Deputy Sherriff following a court order.
“The respondent is not in physical possession of the shares. The shares were sold and bought by third parties,” Chinake said, urging Samukange to seek an amendment to the order sought.
Chinake insisted that there was no need for the order to be granted since the shares were no longer in Interfin’s possession but with the Deputy Sheriff.
In response to Interfin’s argument, Samukange said Interfin should not be allowed to benefit twice from the same shares, after receiving a full payment of the loan from Remo and in turn selling them to a third party.
Takuva reserved judgment in the matter.