HomeLocal NewsZexcom properties go on sale

Zexcom properties go on sale

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Bulawayo High Court judge Justice Lawrence Kamocha has given the green light for the liquidation of the Zimbabwe Ex-combatants’ Foundation Fund Ltd (Zexcom) paving the way for an auction of its properties.

Proceeds will be used to compensate shareholders for their investment in the company set up by former fighters in the liberation war.

In his final order, Kamocha ordered that the shareholders be paid off their pro rata shares (proportionately determined) on or before the day the order was made.

Kamocha ruled that failure to comply would see Zexcom properties being sold “by private treaty to the best advantage and from the proceeds thereof, the applicants and other shareholders and costs /charges be paid out and the balance if, any, be tendered to the 1st respondent or its lawful agents.”

Zexcom properties likely to go under the hammer include a house located at number 120 Jason Moyo Street in Bulawayo, Equity House in Harare, Zexcom Murehwa Complex and several others still to be verified.
Kamocha’s order comes after more than five years of a bruising legal battle amongst the shareholders on the liquidation of the company to offset the share payments.

War veterans’ leaders Andrew Ndlovu, the late Robert Mlalazi and John Ngwenya had approached the High Court seeking the liquidation of the Zexcom Foundation Investments Fund Ltd.

But the application was opposed by the majority of the shareholders resulting in the prolonged legal wrangle.
Zexcom, Shelter Muchechesi Mpofu and 416 others were cited as first and second respondents, respectively.

The order issued last Thursday was by consent after Kamocha had granted the liquidator, Victor Muzenda, authority over the Zexcom properties without interference, two weeks ago.

He also ordered that the warring parties must submit the evaluations of the properties to the Registrar of the High Court on November 10 to allow the court to decide on the order to bring to rest the protracted dispute.

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