Business / Companies
Meikles fights ZSE suspension
19 Feb 2015 at 08:21hrs | Views
Meikles Limited has made an urgent chamber application at the High Court to challenge the Zimbabwe Stock Exchange's decision to suspend it from trading on the bourse.
The conglomerate was suspended from trading on Monday with the ZSE saying the move had been necessitated by information received from the Reserve Bank of Zimbabwe which showed differences in the amount owed to Meikles by the central bank.
The RBZ debt schedule gazetted in August shows that Meikles was owed $40, 64 million as at September 30 2013. This was after accounting for 4, 68 percent interest on the original amount owed of $24, 88 million.
However, although validation is still taking place the RBZ says Meikles is owed about $76 million, an amount which could go down to $53 million if you add the discount factor.
Meikles says ZSE did not follow due procedure when it made the announcement.
The group says it was not availed an opportunity to make representations in response to the allegations which motivated the suspension.
The conglomerate was suspended from trading on Monday with the ZSE saying the move had been necessitated by information received from the Reserve Bank of Zimbabwe which showed differences in the amount owed to Meikles by the central bank.
The RBZ debt schedule gazetted in August shows that Meikles was owed $40, 64 million as at September 30 2013. This was after accounting for 4, 68 percent interest on the original amount owed of $24, 88 million.
Meikles says ZSE did not follow due procedure when it made the announcement.
The group says it was not availed an opportunity to make representations in response to the allegations which motivated the suspension.
Source - The Herald
