Matsika appeals in Croco fight
HARARE tycoon Farai Matsika has appealed to the Supreme Court to overturn last month’s High Court judgment that he fraudulently attempted to snatch 30 percent equity in Croco Holdings, a company owned by businessman Moses Chingwena, the Daily News reports.
“The court a quo erred in law in treating, in any event, the alleged falsehoods in limine litis as opposed to substantive matter of probative value in the assessment of evidence on the merits,” reads Matsika’s appeal to the Supreme Court.“The court a quo grossly misdirected itself in not finding that the applicants (Matsika and Fairgold Investments) each and both have a real, direct and substantial interest within the contemplation of the oppressive remedies provided in the Companies Act…”
“The 3rd respondent (Croco Holdings) be and is hereby ordered to pay the applicants the full value of 30 percent of its total issued ordinary shares and 30 percent of the value of its investments in the 4th to the 38th responders within five days of completion of the forensic audit and valuation…“Third respondent be and is hereby directed to reduce 3rd respondent’s share capital once the full amount of its 30 percent issued ordinary shares have been paid by 3rd respondent,” read the relief Matsika is seeking from the Supreme Court.
In his judgment, Justice Tagu savaged Matsika, accusing him of being dishonest.
Chingwena had opposed the application on the grounds Matsika had failed to place before the court evidence showing how he got the 30 percent stake in the company.