News / National
Oliver Chidawu loses Pelhams shares case
20 Feb 2015 at 08:57hrs | Views
The High Court has turned down efforts by businessman Oliver Chidawu to reverse the transfer of more than 380 million Pelhams shares from businessman Jayesh Shah to TN Asset Management, saying the attempt constitutes abuse of court process.
Chidawu's three firms Broadway Investments, Danoct Investments and Dannov Investments formerly owned the shares in Pelhams, which they lost to Shah after Chidawu failed to settle a $2 million debt.
Shah, who was holding on to the three firms' shares in Pelhams, sold them to TN Asset Management resulting in the firm becoming the major shareholder with about 36 percent shareholding in the furniture company.
Although the Supreme Court had previously decided the matter in favour of Mr Shah, Chidawu brought a fresh application to the lower court seeking to reverse the Shah-TN Asset Management deal.
But in his ruling Justice Nicholas Mathonsi, rejected the request saying Chidawu was asking him to do the impossible - to overturn the Supreme Court decision.
Chief Justice Godfrey Chidyausiku ruled that Chidawu delivered the Pelhams shares to Shah in negotiable form as security for the loan he received.
Chidawu's three firms Broadway Investments, Danoct Investments and Dannov Investments formerly owned the shares in Pelhams, which they lost to Shah after Chidawu failed to settle a $2 million debt.
Shah, who was holding on to the three firms' shares in Pelhams, sold them to TN Asset Management resulting in the firm becoming the major shareholder with about 36 percent shareholding in the furniture company.
Although the Supreme Court had previously decided the matter in favour of Mr Shah, Chidawu brought a fresh application to the lower court seeking to reverse the Shah-TN Asset Management deal.
But in his ruling Justice Nicholas Mathonsi, rejected the request saying Chidawu was asking him to do the impossible - to overturn the Supreme Court decision.
Chief Justice Godfrey Chidyausiku ruled that Chidawu delivered the Pelhams shares to Shah in negotiable form as security for the loan he received.
Source - The Herald
