×
NewsDay

AMH is an independent media house free from political ties or outside influence. We have four newspapers: The Zimbabwe Independent, a business weekly published every Friday, The Standard, a weekly published every Sunday, and Southern and NewsDay, our daily newspapers. Each has an online edition.

Doves owner Farai Matsika loses Supreme Court appeal on Croco shareholding

Slider
This came after the Doves and Faramatsi Motors owner, had tried to wriggle out of a ruling by Justice Owen Tagu and in his appeal, Matsika had demanded a forensic audit, and valuation of Croco owner Moses Chingwena’s sprawling empire of 40 entities.

By Desmond Chingarande Businessman Farai Matsika has lost a Supreme Court appeal against a High Court case on the grounds that he had “fabricated documents” in a bid to grab a 30% stake in Croco Holdings (Croco).

This came after the Doves and Faramatsi Motors owner, had tried to wriggle out of a ruling by Justice Owen Tagu and in his appeal, Matsika had demanded a forensic audit, and valuation of Croco owner Moses Chingwena’s sprawling empire of 40 entities.

“In this case, the court considered all the evidence and came to the conclusion that the documents relied upon by the 1st applicant (Matsika) were forged (or) fraudulent documents. The applicant’s contention is that the shareholders’ agreement and the share certificate are authentic and valid because they were prepared and signed by (Phibeon) Gwatidzo…(and) accuses the court a quo of ignoring evidence he proffered..,” Justice Chinembiri Bhunu said.

“Both the shareholders’ agreement and the share transfer documents were adjudged to be fraudulent documents. It also found that…the applicant was unable to explain two conflicting CR2 documents. Thus, the court a quo upheld both points in limine.”

The Supreme Court’s ruling came after Matsika’s application had been found to be riddled with material falsehoods, as the Baker Tilly founding partner Phibeon Gwatidzo had denied preparing the shareholders agreement.

Related Topics

‘DPC drives banks stability’
By The NewsDay Aug. 30, 2022
Mbare, home of dancehall
By The NewsDay Aug. 30, 2022
Govt stripping assets: MPs
By The NewsDay Aug. 30, 2022
HCC employees in US$41 000 theft
By The NewsDay Aug. 29, 2022