Business / Companies
BancABC settles $10 million debt after losing Supreme Court case
13 Jun 2013 at 05:14hrs | Views
BancABC has settled the nearly $10 million (R86.98 million) owing to Mackie Diamonds after the banking group lost a Supreme Court case.
Earlier in the day, property worth millions of dollars had been attached by the Messenger of Court at the group's Mt Pleasant offices following the court judgment in a 'somewhat complex' case involving the Belgian company, Mackie and a Lebanese businessman and the bank's client Jamal Joseph Hamed.
Well-placed sources told FinX, ABC had settled the debt as they had capacity (total asset base of over $1 billio) but they did so in protest owing to the circumstances around the judgment and writ of execution.
In February,the High Court also ruled in favour of Mackie but an attempt to attach property at that time failed.
ABC was represented by Mutamangira & Associates while Venturas & Samkange represented . The group closed ZSE trades offers only at 60c. Meanwhile the heavyweight-induced stock market rally came to a halt as early profit takers led to sell-offs in Delta and Innscor.
Innscor dropped 10c to 110c as profit takers sold out of the counter, which had risen to record higher. Delta was down 1c to 156c as did Old Mutual at 240c.
However there were gains in a number of influential stocks which helped to limit the day's losses. At close the Industrials Index was down 0.86% to 221.65 while the Minings Index was steady at 71.75.
Seedco added 1c to 81c amid rumours it could be trading under a cautionary soon. Parent Aico, which is trading under a cautionary over the unbundling and recapitalisation of the group's units was steady at 7.21c.
BAT was 15c up to a record high 890c taking its market cap to $183.64 million. Most analysts are targeting a price of 1000-1150c. Barclays, whose plan for indigenisation was approved added 0.13c to 3.55c.
Masimba was 1.7c firmer to 12c taking its year to date gain to 300% and its market cap to $25.71 million. Management says its main objective in the short to medium term is to restore the group's blue-chip status and unlock value for shareholders.
Afdis set a new record high after gaining 3c to 29c in trades worth $290.
General Beltings led the day's risers gaining 0.04c (or 400%) to 0.05c while Ariston was the worst performer losing 0.15c (or 10%) to 1.35 while Afre was 0.05c lower at 15.95c.
Earlier in the day, property worth millions of dollars had been attached by the Messenger of Court at the group's Mt Pleasant offices following the court judgment in a 'somewhat complex' case involving the Belgian company, Mackie and a Lebanese businessman and the bank's client Jamal Joseph Hamed.
Well-placed sources told FinX, ABC had settled the debt as they had capacity (total asset base of over $1 billio) but they did so in protest owing to the circumstances around the judgment and writ of execution.
In February,the High Court also ruled in favour of Mackie but an attempt to attach property at that time failed.
ABC was represented by Mutamangira & Associates while Venturas & Samkange represented . The group closed ZSE trades offers only at 60c. Meanwhile the heavyweight-induced stock market rally came to a halt as early profit takers led to sell-offs in Delta and Innscor.
Innscor dropped 10c to 110c as profit takers sold out of the counter, which had risen to record higher. Delta was down 1c to 156c as did Old Mutual at 240c.
Seedco added 1c to 81c amid rumours it could be trading under a cautionary soon. Parent Aico, which is trading under a cautionary over the unbundling and recapitalisation of the group's units was steady at 7.21c.
BAT was 15c up to a record high 890c taking its market cap to $183.64 million. Most analysts are targeting a price of 1000-1150c. Barclays, whose plan for indigenisation was approved added 0.13c to 3.55c.
Masimba was 1.7c firmer to 12c taking its year to date gain to 300% and its market cap to $25.71 million. Management says its main objective in the short to medium term is to restore the group's blue-chip status and unlock value for shareholders.
Afdis set a new record high after gaining 3c to 29c in trades worth $290.
General Beltings led the day's risers gaining 0.04c (or 400%) to 0.05c while Ariston was the worst performer losing 0.15c (or 10%) to 1.35 while Afre was 0.05c lower at 15.95c.
Source - Financial Express
