PROPERTY developers, Augur Investments and Doorex Properties have filed an appeal against a High Court verdict ordering the advertisement and sale in execution of Stand number 654 Pomona Township, Harare.
In their notice of appeal at the Supreme Court, Aurgur Investments averred that High Court judge Justice Munangati Manongwa erred in ordering the advertisement and sale in execution of property held under Deed of Grant number 2884/10 after the cancellation of all subsequent transfers and reverted the land to the State.
Augur also avers that Justice Manongwa erred in failing to hold that the arbitral award dated March 19, 2015, granted in favour of Fairclot Investments constituted a liability affected by the provisions of s 4 (1) (d) of Statutory Instrument 33 of 2019 [ subsequently s 22 of the Finance Act No 2 of 2019).
“The court a quo also erred in determining that the arbitral award issued on the 19 of March 2015 only became effectual upon its registration on 26 of June 2019. At law an arbitral award constitutes a binding obligation as at the date of its grant and not its registration,” the companies argue.
They also argued that the court grossly misdirected itself in holding that Augur Investments’ real time gross settlement ( RTGS) payments did not fully discharge its indebtedness to Fairclot Investments in respect of the registered arbitral award dated March 19, 2015, saying such payments fully discharged what was lawfully due.
“The court a quo also erred in determining that the Sheriff of High Court had acted unlawfully in uplifting the judicial attachment on Stand 654 Pomona Township held under Deed of Grant 2884/10.
“The voiding of such upliftment was anomalous at law given that Augur Investments had discharged its indebtedness thereby obviating the continuation of execution,” they submitted in their notice of appeal.
Augur also argues that the court erred in cancelling “any and all transfers effected on Stand 654 Pomona Township” in circumstances where Doorex Properties had received title by operation of an extant Deed of Settlement and court order handed down under HC 4528/19.
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The applicants are seeking the Supreme Court to set aside the High Court order and a declaratory order.
They also want liability arising from the arbitral award in favour of FairclotInvestments to be declared executable in RTGS dollars at the rate of one-to-one to the United Sates dollars in accordance with Section (1) (d) of Statutory Instrument 22 of 2019.
The property developers also want Fairclot Investments to pay the costs of suit and that their application be dismissed with costs.